News : ATO

ATO, Financial Planning

ATO letters highlight value of advice

ATO letters value of advice

The letters sent by the ATO to SMSFs with a high concentration to a single asset or asset class were a “brutal” approach to compliance, but have highlighted the value of advice, an SMSF expert has claimed.

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ATO, Superannuation

ATO statistics endorsement of SMSF compliance

ATO SMSF compliance

The SMSF sector has recorded low rates of non-compliance and its performance has been endorsed by the ATO, an SMSF specialist has claimed.

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ATO

Changes to TBAR set to take effect

Changes to TBAR set to take effect

Spreadsheet TBAR forms will no longer be accepted after 31 October and all TBAR forms lodged after that date must be via the ATO online service portal, the regulator says.

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ATO

ATO seeking deeper data on SMSF investments

ATO data SMSF investments

The ATO would like to collect more detailed data on the investments of SMSFs and may consider changes to the annual return to gather it.

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ATO, Pensions

TBAR hampered by lack of real-time data

real-time data transfer balance

The lack of real-time data from the ATO about the transfer balance account (TBA) is hampering the ability of SMSFs to manage pension transfers.

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ATO, Regulation

ATO to include SMSFs in real-time reporting

Real-time reporting ATO SMSFs

The SMSF sector will be part of the ATO’s move towards real-time reporting and until SMSFs are included, employers will be adversely affected, an SMSF expert says.

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ATO, Regulation

In-specie contributions not a NALE loophole

In-specie contributions NALE

The new non-arm’s-length expenditure provisions will still apply to situations where an in-specie contribution has been used to bridge the difference between the purchase price and market value of an asset acquired by an SMSF.

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ATO

ATO letter campaign boosts trustee awareness

ATO investment trustees awareness

The ATO has yet to consider if it will write to trustees again raising concerns over investment strategies, claiming the current campaign has raised sufficient awareness.

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ATO, Superannuation

ATO grants NALE transition period

ATO NALE transition

SMSF trustees have the opportunity to rectify any service provision arrangements involving themselves and their fund to prevent them from falling foul of the new NALE provisions.

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ATO, Compliance

No way out for late lodging SMSFs

ATO SMSF late lodgement

The ATO-imposed change in the online status of SMSF following a late lodgement cannot be reversed, an SMSF service provider has claimed.

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