News : ATO

ATO, Documentation

ATO quantifies 2023 SAR non-lodgement

The number of SMSFs that have not lodged an annual return for the 2023 income year is cause for concern with the ATO stating the problem is increasing in size.

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Appointments, ATO

New SMSF assistant commissioner appointed

The ATO has named the senior staffer who will oversee the SMSF sector and replace Justin Micale, who has moved to another role within the regulator.

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ATO, Compliance

Loans to mask illegal early access rising

An increasing number of SMSF trustees and members are attempting to classify the illegal early access of benefits as loan arrangements.

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ATO, SMSF

New funds dominated by middle-agers

The number of middle-aged people setting up an SMSF has continued to rise, with more than 50 per cent of new funds established by people between 35 and 50 years of age.

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ATO, Auditing, Compliance

Static asset values can be legitimate

There can be legitimate reasons as to why an SMSF asset has not changed in value over several years, but auditors must document their presence.

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ATO, Auditing

SMSF auditor independence targeted

Recent action against SMSF auditors clearly indicates regulators are enforcing the independence standards for the betterment of the sector.

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ATO, Compliance

Trustee non-compliance increasing

Auditor contravention reports lodged with the ATO have shown a jump in non-compliance among SMSF trustees over recent years.

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ATO, Auditing, Documentation

Audit files miss trustee fundamentals

SMSF Self-managed superannuation Trustee declarations ATO Paul Delahunty Auditors

The files of many SMSF auditors are currently missing some fundamental documentation elements involving basic trustee obligations.

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ATO, Pensions, Tax

Short pension terms raise red flags

ATO BDO Peter Crump SMSF Self managed superannuation Tax Ruling 2013/5 pension

SMSF members should be wary of short-term pension strategies and adopt a multi-year approach to prevent the process being viewed as a tax avoidance measure.

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ATO, Platforms

Check pension payment exemption usage

SMSF Self-managed superannuation Minimum pension ATO Exemption BDO Peter Crump

In the event of a minimum pension not being met, SMSF practitioners must establish whether a trustee has previously used the self-determination exemption.

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