News : ATO

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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ATO, Tax

ATO extends TBAR deadline

The ATO has given SMSFs a one-off extension on the deadline for filing their TBAR in July as the reporting date falls on a Sunday.

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ATO, Auditing

ATO releases guidance on Part A audit change

The ATO has highlighted the inclusion of Part A audit qualifications as part of its guidance on changes to the 2019 SMSF annual return.

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ATO, Tax

ATO updates guidance on contribution deductions

SMSF members making deductions for personal contributions will need to provide written notice of their intent and receive written confirmation from the ATO.

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ATO, Auditing, Tax

SMSF returns to require new audit information

SMSF; annual return; audit

SMSFs will need to pay attention to changes in the 2019 SMSF annual return that require mandatory audit report information to be included for the first time.

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ATO, Superannuation, Tax

When is Division 293 tax paid?

SMSFs may be subject to paying tax on contributions made to the fund but, under Division 293, when can a fund member access money from the fund to pay that tax, and what steps are required to remain compliant with the ATO?

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ATO, Strategy

Paperwork and purpose provide NALI protection

Having sufficient paperwork and an investment strategy aligned to the purpose of an SMSF will help avoid claims against NALI arrangements, according to a financial services lawyer.

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ATO, Tax

Targeting of tax practitioners by TPB nets results

More than 6000 late lodgements of tax returns have been received from tax practitioners who were targeted for their non-compliance by the Tax Practitioners Board.

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