News : ATO

ATO, Tax

ATO needs governance shake-up

The ATO is a monopoly service provider by necessity, but there are governance issues including too much power focused on one individual, according to taxation watchdog the Inspector-General of Taxation.

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ATO, Auditing, Regulation

New audit cycle aimed at “basic” SMSFs

Assistant Treasurer Stuart Robert has revealed the exact type of SMSF on which the proposed three-year audit cycle is founded.

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Accounting, ATO, Pensions

Excess determinations not a disaster

Accountants who lodged transfer balance account reports (TBAR) for their clients on 29 October may receive an excess notice from the ATO, but should not panic, a technical expert has said.

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ATO, Superannuation

SMSFs outperform APRA funds: report

The latest Class “SMSF Benchmark Report” has refuted the Productivity Commission’s claims that Australian Prudential Regulation Authority (APRA)-regulated funds are outperforming SMSFs, following a like-for-like comparison.

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ASIC, ATO, Education

ASIC, ATO to lift current SMSF trustee education

The Australian Securities and Investments Commission (ASIC) is working with the ATO to help consumers better understand the advantages and disadvantages of setting up and running an SMSF.

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Administration, ATO, Regulation

TBAR just the start of SMSF automation journey

SMSF practitioners must acknowledge the inevitability of the transfer balance account report (TBAR) regime moving to full, automated online reporting for the sector and what this will mean for their businesses.

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ATO, Strategy

ATO reserves position contrary to law

The ATO’s current stance on the elimination of some existing reserves runs contrary to the law and may result in SMSF trustees having to set up an accumulation account to ensure compliance in this area, a technical expert has said.

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ATO

Non-lodgers in ATO sights

With 40,000 SMSFs failing to meet their lodgement obligations, cracking down on non-lodgers remains a key activity for the ATO.

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ATO, Compliance, Regulation

SMSFs falling over on basic TBAR errors: ATO

The ATO has received transfer balance account reports (TBAR) from 135,000 SMSFs thus far, but trustees are being caught out by basic errors in the information they are supplying.

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ATO, Strategy

Pre-July 2017 reserves on ATO radar

The ATO is keeping a watchful eye on SMSFs that created reserves just prior to July 2017 in the lead-up to the implementation of the 2016 super reforms, a lawyer has warned.

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