News : ATO

ATO, Superannuation

Tabling of SuperStream draft regulations welcomed

The SMSF Association has welcomed draft regulations recently tabled in Parliament to allow SMSFs to receive digital rollovers through the SuperStream system.

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Administration, ATO, Auditing

ATO will do best to administer audit policy

The tax office has said it will administer the proposed three-year audits for qualifying SMSFs as well as it can, but has revealed it has received mixed views on the measure.

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ATO, Regulation

ATO must deliver NALI guidelines

The ATO should provide the industry with official guidelines spelling out the difference in internal transactions under the new non-arm’s-length income (NALI) rules once they are passed into law, a technical expert has said.

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ATO, Regulation, Superannuation

Super reforms slowing SMSF growth

The growth in the number of SMSFs has slowed, particularly in the past 12 months, as the sector bears the brunt of the super reforms announced in the 2016 federal budget.

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ATO, Compliance, Management

Trustee motivation on ATO’s radar

Hostplus; SMSF; investment

The tax office has flagged it will continue to monitor the establishment of SMSFs and will closely focus on the motivations of trustees during the registration process to ensure they are clear on their intentions with the fund.

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ATO, Business News

Aussiegolfa legal battle concludes

Federal Court proceedings to consider the application of super legislation to allow investment in the DomaCom fund by an SMSF where a related party is the tenant in an underlying property have come to a close.

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Accounting, ATO, Regulation

TBAR requirements overwhelm accountants

There is a genuine sense many practices are not ready for the ongoing transfer balance account reporting (TBAR) requirements post 1 July 2018, according to an SMSF expert.

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ATO, Retirement

ATO aware of schemes targeting older SMSFs

The tax office has revealed it is seeing instances of schemes and spruiking aimed at SMSFs nearing retirement phase to access their funds early, demonstrating the need for and role of professional advice.

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ATO, Compliance, Regulation

Extra caution needed for reserves strategies

The use of reserves by SMSFs must be approached by advisers with greater prudence as the strategies the ATO will tolerate are now very limited, an industry lawyer has warned.

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ATO, Superannuation

ATO consulting on SuperStream verification

The ATO is looking to roll out its member verification service to ensure secure transfers in late 2019 as part of the extension of SuperStream to SMSFs.

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