News : ATO

ATO, Investments

ATO letters a wider SMSF warning

ATO letters warning SMSF

Letters sent by the ATO to nearly 18,000 SMSFs may serve as a warning to a far greater number of funds with similar strategies, an SMSF expert has claimed.

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ATO, Investments

ATO letters’ impact already evident

ATO letters’ impact already evident

A specialist document provider has revealed many trustees have already been reassessing their investment strategies as a result of the ATO’s letter querying the investment strategy of 17,700 SMSFs invested in a single asset or asset class.

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ATO, Pensions

ECPI discretion success has several elements

ECPI discretion success has several elements

A successful application for ATO discretion to claim exempt current pension income usually involves some common elements, a technical manager has said.

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ATO, Auditing

Auditors in frame for SMSF investment strategy

auditors investment strategy ATO

Auditors may be held responsible for the absence of an investment strategy, with recent letters from the ATO showing they had a gatekeeper role.

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ATO, Investments

CAANZ makes recommendations re ATO letters

ATO SMSF investment strategies

A major accounting body has made recommendations as to how SMSF auditors, administrators and tax agents can play a role in the ATO’s scrutiny of investment strategies.

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ATO, Regulation

ATO unveils plan to stop illegal super access

Illegal access to superannuation

The ATO has implemented a new SMSF registration process and will work with APRA-regulated funds to improve the rollover process as part of its plan to prevent illegal access to super via SMSFs.

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ATO, Residential Property

Funds given push on first home savings scheme

First Home Super Saver

The ATO will contact superannuation funds that have lagged in their efforts to release funds to first home buyer members who have requested their savings.

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Administration, ATO

ATO to help track unused contributions

unused contributions carry forward

Administrative assistance being offered by the ATO should make monitoring the amount of a person’s unused concessional contributions cap with a view to using the carry-forward contributions provision much easier.

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ATO, Superannuation

Illegal early release still area of concern for ATO

SMSFs illegal early release

The ATO has flagged an increase in the number of SMSFs being used for illegal early release of superannuation funds.

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ATO, Investments

ATO letters not indicative of fund failure

SMSF investment strategy diversification

Trustees who have received letters as part of the ATO probe into the investment strategies of SMSFs should not assume they are non-compliant, an SMSF expert says.

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