News : ATO

ATO, Auditing

ATO auditor review finds need for improved education

ATO review auditors

More than two-thirds of the 51 auditors studied by the ATO so far as part of its review of the top 100 SMSF auditors required education, the regulator has said.

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ATO, Superannuation, Tax

Trustees unaware of ENCC repayment options

trustees excess contribution

Trustees may be unaware they could pay too much to the ATO when responding to excess non-concessional contribution determinations and need to review the options presented to them.

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ATO, Compliance

ATO penalties stifling trustees

ATO penalty scheme

The current ATO penalty scheme will push SMSF trustees towards non-compliance and may lead to some giving up on their funds altogether, an SMSF audit expert says.

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ATO

Regulator scrutiny good for SMSF sector

ATO scrutiny SMSF sector

The ATO’s close examination of the SMSF sector has been crucial to its ongoing growth and success and will be required to maintain that into the future.

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ATO, Strategy

ATO view on SMSF asset ranges correct

SMSF asset ranges

The ATO is right to say SMSF investment strategy documentation with ranges of 0 per cent to 100 per cent is unacceptable, according to an SMSF expert.

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ATO, Superannuation

TBC indexation poses new complications

TBC indexation

The indexation of the general transfer balance cap, which could occur in mid-2020, will result in a higher level of complexity for trustees to contend with, an SMSF expert says.

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ATO, Superannuation

Personal use provisions can address NALE costs

personal use NALE

Existing tax rules around the private use of business resources could offer a simple solution to non-arm’s-length expenses inside an SMSF.

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ATO, Investments

ATO cannot scrutinise chosen investments

SMSF investment strategies

The ATO does not have powers to assess investments but trustees need to ensure they match documented strategies, an SMSF service provider has warned.

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ATO, Retirement, Tax

ATO seeks help on tax avoidance

ATO retirement schemes tax

The ATO has flagged a number of retirement planning schemes that may be involved in tax avoidance and has asked trustees and advisers to report their promotion.

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ATO

Super information can’t be cherry-picked

Lacey v Commissioner of Taxation

Certain ATO material cannot be used in isolation to determine a superannuant’s particular course of action to address an issue, a recent Administrative Appeals Tribunal case has determined.

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