News : ATO

ATO, Superannuation

Members find super worth over $860m

Super members found and merged over 105,000 super accounts worth more than $860 million last year.

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ATO, Superannuation

Potential confusion flagged with division 293 notices

The way information is presented on the redesigned ATO division 293 assessment notices has the potential to cause confusion for SMSFs employing a contributions reserve

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ATO, Superannuation

ATO aids contributions cap compliance

The regulator will assist practitioners and their SMSF clients in complying with the new non-concessional contributions cap rules.

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ATO

ATO reserve allocation discretion tested

A recent ATO private binding ruling has clarified the discretionary power of the regulator as to the treatment of allocations to SMSF members from reserves.

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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.

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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.

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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.

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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.

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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.

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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.

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