News : ATO

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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ATO, Auditing

ATO to ramp up SAN misuse scrutiny

ATO SAN misuse

The ATO will review the use of SANs each year after finding a high number of possible breaches by hundreds of tax agents.

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ATO, Investments

ATO letters ensuring good fund management

ATO SMSF investment strategy

A specialist SMSF lawyer has described the ATO’s decision to scrutinise the investment strategy of certain funds as no cause for alarm.

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ATO, Investments

SMSFs receive ATO letters querying investment strategy

SMSFs ATO letters investment

SMSFs have begun to receive letters from the ATO seeking clarification over their investment strategy and also flagging penalties for any lack of action on the issue.

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ATO

ATO flags TBC indexation awareness

Transfer balance cap indexation

Indexation of the transfer balance cap may be triggered as early as 1 July 2020, with the ATO already making preparations for this event.

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