News : ATO

ATO, Superannuation

SMSF establishment balances jump

SMSF establishment balances have increased says the ATO

More SMSFs are being established around the $500,000 mark, meeting the Productivity Commission’s suggested benchmark made earlier this year.

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ATO, Auditing

ATO reminds auditors of contravention reporting duty

The ATO has reminded SMSF auditors of their obligations to report any contraventions they find when finalising fund audits, and the fines for not doing so.

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ATO, Superannuation

ATO outlines SMSF implications of super reforms

The ATO has identified the SMSF implications of the Protecting Your Super reforms that will come into effect from 1 July 2019.

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ATO, Compliance

Care needed over contribution refunds

POpening wallet to pay a refund

Following the prescribed legal manner as to how to refund a contribution made or accepted in error is critical from a compliance perspective.

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Administration, ATO

ATO updates guidance on fund error disclosure

The ATO has requested that funds making voluntary disclosures over errors disclose how they may have occurred, who was responsible and what had been done to tackle the problem.

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ATO

ATO flags TBAR over-reporting

Exclamation marks as warning signs against over-reporting information to ATO

SMSF trustees and their tax agents have been advised by the regulator of certain items and events that should not be included in their transfer balance account report.

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ATO

Disqualified trustee numbers decline

The ATO has released a register of about 3000 disqualified SMSF trustees, showing the level of disqualifications has continued to fall.

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ATO, Auditing

ATO outlines auditor checklist to cut re-reporting

The ATO has provided a checklist for auditors to reduce the level of re-reporting linked with transfer balance caps.

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ATO, Cryptocurrency

ATO to review SMSF cryptocurrency purchases

The ATO has started reviewing transaction data to ensure SMSFs who invest in cryptocurrency are complying with their tax obligations.

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ATO, Tax

ATO confirms conciliatory TBAR approach

Silhouette of helping hand between two climbers representing ATO helping SMSFs

Late TBAR lodgement is currently being treated from an educational and supportive perspective by the ATO.

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