News : ATO

ATO, Superannuation

ATO protects $45m of super this year

SMSF; review; industry fund

In the current financial year, the ATO has protected $45 million in superannuation benefits due to its compliance and enforcement activities.

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ATO

ATO pushes trustees’ valuation responsibilities

The ATO will accept asset valuations from trustees but has reminded them of their responsibilities in accurately sourcing that information.

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ATO, Auditing

ATO points to audit expectations when winding-up SMSFs

The ATO has outlined auditing requirements for winding up SMSFs ahead of the end of the financial year.

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ATO, Superannuation

SMSF Association positive about sector stats

Women pushing smiley face on screen to make it green with approval

The SMSF Association has called the latest ATO SMSF statistics a positive reflection on the sector.

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ATO, Superannuation

SMSF establishment balances jump

SMSF establishment balances have increased says the ATO

More SMSFs are being established around the $500,000 mark, meeting the Productivity Commission’s suggested benchmark made earlier this year.

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ATO, Auditing

ATO reminds auditors of contravention reporting duty

The ATO has reminded SMSF auditors of their obligations to report any contraventions they find when finalising fund audits, and the fines for not doing so.

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ATO, Superannuation

ATO outlines SMSF implications of super reforms

The ATO has identified the SMSF implications of the Protecting Your Super reforms that will come into effect from 1 July 2019.

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ATO, Compliance

Care needed over contribution refunds

POpening wallet to pay a refund

Following the prescribed legal manner as to how to refund a contribution made or accepted in error is critical from a compliance perspective.

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Administration, ATO

ATO updates guidance on fund error disclosure

The ATO has requested that funds making voluntary disclosures over errors disclose how they may have occurred, who was responsible and what had been done to tackle the problem.

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ATO

ATO flags TBAR over-reporting

Exclamation marks as warning signs against over-reporting information to ATO

SMSF trustees and their tax agents have been advised by the regulator of certain items and events that should not be included in their transfer balance account report.

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