News : ATO

ATO, Superannuation

Class finds holes in final PC report

Class has expressed concerns its research findings around SMSF returns are not fully reflected in the final Productivity Commission report.

read more
ATO

ATO to address TBC commutation notice errors

The regulator has detected errors regarding transfer balance account commutations and is in the process of addressing them.

read more
ATO, Superannuation

ATO issues LCRs relating to legal amendments

The ATO today published two new law companion rulings (LCR) on its legal database addressing legislative amendments currently being considered by the federal parliament.

read more
ATO, Auditing

ATO stresses asset valuation importance

The ATO has published an article reinforcing the need for auditors to verify asset values in the financial statements of an SMSF.

read more
ATO

SMSF establishments bounce back

An ATO statistical report for the September quarter has shown SMSF establishments strengthened after a lacklustre June quarter, with the largest proportion of new funds continuing to be set up by a younger cohort of trustees.

read more
ATO, Auditing

Reciprocal auditing arrangements in the gun

The ATO has declared its intention to focus its compliance activities on the practice among SMSF auditors of using reciprocal arrangements that represent breaches of independence.

read more
ATO, Property, Residential Property

ATO issues Aussiegolfa decision impact statement

The finding in the Aussiegolfa decision that deemed the SMSF trustee’s property held by fractional property investment house DomaCom is a separate trust will not have a significant impact on traditional multi-class managed funds, according to the ATO.

read more
Accounting, ATO

New SMSFs favour specialists over generalists

New business generated by specialist SMSF firms is nearly three times that of generalist practices as new SMSFs prefer specialists, especially those with a larger number of funds, research released this week revealed.

read more
ATO, Regulation

SMSF sector in good shape: ATO

The ATO has given the SMSF sector a clean bill of health amid the super reform challenges as it looks to lift trustee education and literacy in the next 12 months.

read more
ATO

ATO expects gradual drop in SMSF reserves

The ATO has revealed the number of SMSFs with reserves has decreased and anticipates the trend will continue, with the SMSF regulator looking to benchmark this data year by year.

read more

Copyright © SMS Magazine 2024

ABN 80 159 769 034

Benchmark Media

WordPress website development by DMC Web.