News : ATO

ATO, Tax

June 2019 creates contribution allocation trap

SMSF contributions for the 2019 financial year should be made as early as possible to avoid allocation errors that may result from a calendar oddity, according to a sector expert.

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ATO

Money transfer crucial to SMSF loans

In order for the ATO to properly recognise a related-party loan arrangement involving an SMSF, a money transfer has to take place, a specialist legal firm has said.

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Administration, ATO

ATO improves online facilities

Practitioners providing administrative and compliance services for SMSF clients now have a better online facility with which to lodge transfer balance account reports and access transfer balance account information.

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ATO, Tax

Pushback begins on deduction limit for tax affairs

Efforts by the ATO to limit deductions by SMSF trustees for managing their tax affairs are meeting early resistance and should be overturned, according to a specialist SMSF adviser.

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Administration, ATO

ATO to speed up establishment procedure

The time lag from when an SMSF is established to when it is able to receive contributions is going to be significantly shortened.

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ATO

SMSF wind-ups drop to historic lows

The latest ATO data has shown SMSF wind-ups have dropped to historic lows while the overall number of funds continues to climb.

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ATO, LRBA, Superannuation

Low balances, one-stop-stops still LRBA concerns

The ATO remains concerned about low balance SMSFs using LRBAs and the provision of advice related to the arrangements.

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ATO, Strategy

ATO highlights professional advisers’ role in compliance

Professional advisers have been recognised by the ATO for their work in ensuring SMSF trustees maintain their obligations.

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ATO, Superannuation

ATO issues super access guidance

The ATO has warned SMSF trustees about the seriousness of accessing their superannuation benefits illegally.

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Accounting, ATO, Documentation

Accountants should use peers for SMSF paperwork

Accountants should consider using their peers to produce financial statements for their own SMSFs to avoid raising flags with the ATO.

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