News : ATO

ATO, Compliance

Prohibited loans a big ATO concern

The ATO has revealed a noticeable rise in prohibited loans being issued from SMSFs to other parties is causing it great concern.

The ATO has revealed a noticeable rise in prohibited loans being issued from SMSFs to other parties is causing it great concern.

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ATO, Compliance, SMSF

Many issues from unauthorised payments

Withdrawals made from an SMSF that do not comply with an ATO release authority can create multiple problems for trustees.

Withdrawals made from an SMSF that do not comply with an ATO release authority can create multiple problems for trustees.

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ATO, Compliance, In-house assets

The section 66 blind spot

The ATO’s enforcement policy could be providing trustees with an opportunity to breach SIS Act section 66 without any compliance consequences.

The ATO’s enforcement policy could be providing trustees with an opportunity to breach SIS Act section 66 without any compliance consequences.

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ATO, NALI/NALE

NALI guidance ramps up trustee obligations

The ATO’s revised guidance on NALI means trustees must be very certain they won’t breach the relevant provisions before acting.

The ATO’s revised guidance on NALI means trustees must be very certain they won’t breach the relevant provisions before acting.

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ATO, Auditing, Compliance

ATO specifies ACR lodgement timing

New guidance from the ATO has reminded auditors to lodge an ACR in the year they identify a breach has occurred to ensure trustee compliance.

New guidance from the ATO has reminded auditors to lodge an ACR in the year they identify a breach has occurred to ensure trustee compliance.

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ATO, Superannuation, Tax

Release authority compliance an issue

Compliance with release authorities is causing some worry for the ATO with the communiques being ignored or not properly followed.

Compliance with release authorities is causing some worry for the ATO with the communiques being ignored or not properly followed.

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ATO, Compliance, Regulation, SMSF

ATO issues education direction guidance

The ATO has stipulated the circumstances whereby issuing education directions is not appropriate for SMSF trustee duty breaches.

The ATO has stipulated the circumstances whereby issuing education directions is not appropriate for SMSF trustee duty breaches.

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ATO, Compliance, Regulation, Tax

A significant compliance overhaul

The updated AML/CTF regulations will significantly change compliance obligations for more professionals including those servicing SMSFs.

The updated AML/CTF regulations will significantly change compliance obligations for more professionals including those servicing SMSFs.

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ATO, Auditing, Compliance

ATO will target worst audit files

ATO actions over the past year have indicated the regulator will focus on worst-case situations when conducting an auditor review.

ATO actions over the past year have indicated the regulator will focus on worst-case situations when conducting an auditor review.

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ASIC, ATO, Auditing

Audit work concentrated among few

Audit work related to SMSFs is increasingly being carried out by fewer practitioners as their fees remain static.

Audit work related to SMSFs is increasingly being carried out by fewer practitioners as their fees remain static.

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