News : ATO

Administration, ATO

ATO addresses ineligible downsizer contributions

ineligible downsizer contributions

The ATO has highlighted the correct administration process for ineligible downsizer contributions for SMSF trustees.

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ATO, Pensions

ATO prompts funds, members to report income streams

SMSF income streams report

SMSF members receiving a defined benefit income stream have been reminded of their reporting duties to the ATO, which has given them about a month to lodge an annual report.

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ATO, Compliance

ATO urges caution on death benefit income streams

Death benefit income streams

SMSF death benefit income streams must satisfy minimum pension requirements in order to meet compulsory cashing requirements and remain compliant, the ATO has warned.

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ATO, Regulation

Auditor numbers misuse a red flag for ATO

SMSF auditor number misuse

The ATO has found nearly 1500 instances of potential fraud linked to the use of SMSF auditor numbers included with annual returns for the 2017 financial year.

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ATO

ATO acts on SMSFs with outstanding annual returns

smsf annual tax return

SMSFs that have failed to lodge an annual return or have been involved in illegal early-release efforts have been blocked by the ATO and will not be able to receive funds.

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ATO, Retirement

Basis for ATO TRIS guidance questioned

TRIS in retirement phase

A recent note from the ATO on how it views a TRIS in retirement phase has been questioned by a lawyer who believes the legal basis for it is unclear.

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ATO, Tax

TPB warns against unregistered tax agents

TPB; unregistered; tax agents

The dangers of using an unregistered tax agent have been spelled out by the Tax Practitioners Board.

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ASIC, ATO, Compliance, Regulation

Evidence needed to back SMSF review calls

SMSF; review

Calls for a review of the SMSF sector need to be backed with evidence, the SMSF Association has stated, pointing out four reviews have yet to flag major concerns.

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ATO

ATO adds new online services for SMSFs

The ATO has added new features to the federal government’s online service, myGov, giving SMSF members more visibility over their super transactions.

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ATO

ATO developing online trustee test

The ATO is developing a mandatory awareness program to ensure an SMSF trustee can understand their obligations before they run their own super fund.

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