News : ATO

Accounting, ATO, Regulation

TBAR requirements overwhelm accountants

There is a genuine sense many practices are not ready for the ongoing transfer balance account reporting (TBAR) requirements post 1 July 2018, according to an SMSF expert.

read more
ATO, Retirement

ATO aware of schemes targeting older SMSFs

The tax office has revealed it is seeing instances of schemes and spruiking aimed at SMSFs nearing retirement phase to access their funds early, demonstrating the need for and role of professional advice.

read more
ATO, Compliance, Regulation

Extra caution needed for reserves strategies

The use of reserves by SMSFs must be approached by advisers with greater prudence as the strategies the ATO will tolerate are now very limited, an industry lawyer has warned.

read more
ATO, Superannuation

ATO consulting on SuperStream verification

The ATO is looking to roll out its member verification service to ensure secure transfers in late 2019 as part of the extension of SuperStream to SMSFs.

read more
ATO, Regulation

Reserve use still on ATO radar

The ATO has warned it will take firm action either under Part 4A of the Income Tax Assessment Act or the sole purpose test if it finds artificial arrangements where SMSF members attempt to utilise reserves to circumvent caps.

read more
ATO, Superannuation

TSB, TBC details visible in myGov: ATO

The ATO has used a superannuation regulatory update speech to remind individuals who log into the myGov portal can now view details of all their super accounts and balances.

read more
ATO, Superannuation

Proposed regulation to extend SuperStream to all SMSFs

&

On 17 July, Treasury released exposure draft legislation that broadly extends the operation of SuperStream to cover SMSFs. Currently, SMSFs only need to be able to receive contributions and rollovers through SuperStream.

read more
ATO, Compliance

‘Disqualified persons’ needs better explanation

Accountant; SMSF; defrauded

SMSF practitioners must ensure they educate all prospective trustees on the definition of a disqualified person as many are unaware of what it means and some could find they are not permitted to act as an individual or corporate trustee.

read more
ATO

ATO releases SMSF registration figures

In the 2017/18 income year, there were 26,000 SMSF registrations with around 2100 of these the subject of further review, according to the ATO.

read more
ATO

ATO reveals CGT application numbers

The ATO has revealed around 44,000 SMSFs have elected to apply the transitional capital gains tax (CGT) relief as at 30 June 2018, while 90 per cent of SMSFs that lodged a 2017 SMSF annual return were on time.

read more

Copyright © SMS Magazine 2024

ABN 43 564 725 109

Benchmark Media

Site design Red Cloud Digital