News : ATO

Administration, ATO

ATO to speed up establishment procedure

The time lag from when an SMSF is established to when it is able to receive contributions is going to be significantly shortened.

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ATO

SMSF wind-ups drop to historic lows

The latest ATO data has shown SMSF wind-ups have dropped to historic lows while the overall number of funds continues to climb.

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ATO, LRBA, Superannuation

Low balances, one-stop-stops still LRBA concerns

The ATO remains concerned about low balance SMSFs using LRBAs and the provision of advice related to the arrangements.

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ATO, Strategy

ATO highlights professional advisers’ role in compliance

Professional advisers have been recognised by the ATO for their work in ensuring SMSF trustees maintain their obligations.

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ATO, Superannuation

ATO issues super access guidance

The ATO has warned SMSF trustees about the seriousness of accessing their superannuation benefits illegally.

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Accounting, ATO, Documentation

Accountants should use peers for SMSF paperwork

Accountants should consider using their peers to produce financial statements for their own SMSFs to avoid raising flags with the ATO.

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ATO, Property, Superannuation

ATO provides tips on FHSSS forms

The ATO has offered tips for fund members who are required to complete the First Home Super Saver Scheme release authorities.

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ATO, Auditing

ATO letters flag auditor number misuse

Auditors have received letters from the ATO with a list of SMSFs to verify the correct use of auditor numbers.

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ATO, Superannuation

ATO rectifies two recent errors

Two recently detected documentation errors have been addressed by the ATO.

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Accounting, ATO, Auditing

ATO to release banned SMSF trustee register

SMSF; review; industry fund

The names of banned SMSF trustees will be made more accessible to advisers and the public via a new register from the ATO.

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