News : ATO

ATO, Compliance

NALI personal capacity directive to come

NALI personal capacity

The treatment of services provided in a personal capacity to an SMSF in relation to the NALI rules require more clarity, according to a senior technical services executive.

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ATO, Investments, Superannuation

ATO requests SMSFs show detailed investment strategy

ATO SMSFs investment strategy

The ATO will ask some SMSFs to produce detailed investment strategies to justify why their investments are held in single assets.

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Administration, ATO

ATO ends use of spreadsheet TBARs

spreadsheet TBARs

SMSF advisers will be forced to use online tools to lodge transfer balance account reports after the ATO announced it will no longer accept spreadsheet-based reports after 31 October.

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ATO

ATO addresses excess NCC determination issue

excess non-concessional contributions determinations

Excess non-concessional contributions determinations issued in error are currently being addressed by the ATO.

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Administration, ATO

Advisers warned to hold off on servicing own funds

SMSF non-arm's length income

SMSF advisers should wait for clarification as to whether managing their own fund’s affairs will be captured by changes to the non-arm’s length income regime.

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Administration, ATO, Pensions

ATO guidance needed on transitional TBA confusion

transitional TBA confusion

A lack of understanding about the TBA reporting requirements has resulted in pensions being double counted and members being unnecessarily penalised, an SMSF expert has claimed.

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ATO, Auditing

Reciprocal auditing may attract ASIC action

Reciprocal auditing ASIC action

The ATO has identified reciprocal auditing arrangements as a risk to auditor independence and recommended auditors stop the practice to avoid greater scrutiny or regulatory action.

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ATO

ATO working on more meaningful performance data

ATO SMSF performance data

The ATO is working to improve the data SMSF trustees can use to compare their fund performance against that of large public offer superannuation funds.

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ATO, LRBA

Business as usual for LRBA, NALI reporting

ATO reporting NALI LRBA

The ATO has announced SMSFs should continue reporting LRBAs and NALI according to existing instructions until pending changes in these areas pass into law.

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ATO, Pensions

Confusion again surrounds death benefit pensions

treatment of death benefit pensions

A recent ATO update regarding the treatment of death benefit pensions that have failed to meet minimum pension standards has raised more questions for the sector.

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