News : ATO

ATO, Tax

ATO confirms TSB for Div 296 tax

ATO Total superannuation balance Division 296 NALE CGT Transfer balance cap

The redefinition of a person’s total super balance as to the implementation of the $3 million soft cap has been confirmed by the ATO.

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ATO, Auditing

Valuations more important than ever

Property Valuation Auditors Market value Unrealised capital gains ATO Shares Loans

Asset valuations have taken on even greater importance for the end of this income year given the ATO’s current compliance focus.

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Administration, ATO, SMSF

Extended wind-up window effective

SMSF Wind-up ATO ABN

SMSF wind-ups have become simpler due to an ATO decision to extend the timeframe for cancelling an Australian business number from 14 to 28 days.

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ATO, Superannuation, Tax

Cashing out contribution not tax avoidance

Superannuation Personal contributions Tax deductions Tax avoidance Part IVA SuperCentral Michael Hallinan ATO Private ruling

Super fund members can cash out a contribution on which they have made a deduction, but should show evidence they are not doing so to sidestep tax.

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ATO, Compliance, SMSF

ATO issues illegal access fact sheet

ATO SMSF Illegal early access Illegal early release Fact sheet

The ATO has issued a fact sheet to remind SMSF trustees not to use the services of people promoting access to superannuation before they are eligible to withdraw it.

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AAT, ATO, LRBA, SMSF

SMSF lending ruling not a model to adopt

SMSF AAT ATO Private lending NALI non-arm’s length income BPFN

The ATO has warned an Administrative Appeals Tribunal ruling regarding private lending in an SMSF should not be taken as a model to apply to other arrangements.

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ATO, Auditing, Compliance, Pensions

Beware of TRIS illegal access at audit

TRIS Illegal early access Pension ATO SMSF auditors

SMSF auditors have been warned trustees may be using a transition-to-retirement income stream to illegally access their superannuation entitlements.

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ATO, Compliance, Property, Regulation

ATO hot on rental property expenses

Rental property Deductions ATO NALI

The ATO is currently focusing on deductible expenses associated with investment properties with regard to its compliance enforcement procedures.

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Administration, ATO, Auditing

Diversification needs audit focus

Diversification Investment strategy Auditors ATO Auditor contravention report

The ATO has specifically expressed what it expects from auditors with regard to reviewing the diversification of an SMSF investment strategy.

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