News : ATO

ATO, Regulation

Reserve use still on ATO radar

The ATO has warned it will take firm action either under Part 4A of the Income Tax Assessment Act or the sole purpose test if it finds artificial arrangements where SMSF members attempt to utilise reserves to circumvent caps.

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ATO, Superannuation

TSB, TBC details visible in myGov: ATO

The ATO has used a superannuation regulatory update speech to remind individuals who log into the myGov portal can now view details of all their super accounts and balances.

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ATO, Superannuation

Proposed regulation to extend SuperStream to all SMSFs

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On 17 July, Treasury released exposure draft legislation that broadly extends the operation of SuperStream to cover SMSFs. Currently, SMSFs only need to be able to receive contributions and rollovers through SuperStream.

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ATO, Compliance

‘Disqualified persons’ needs better explanation

Accountant; SMSF; defrauded

SMSF practitioners must ensure they educate all prospective trustees on the definition of a disqualified person as many are unaware of what it means and some could find they are not permitted to act as an individual or corporate trustee.

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ATO

ATO releases SMSF registration figures

In the 2017/18 income year, there were 26,000 SMSF registrations with around 2100 of these the subject of further review, according to the ATO.

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ATO

ATO reveals CGT application numbers

The ATO has revealed around 44,000 SMSFs have elected to apply the transitional capital gains tax (CGT) relief as at 30 June 2018, while 90 per cent of SMSFs that lodged a 2017 SMSF annual return were on time.

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ATO, Insurance

Life cover paid from pension can be TBC bonus

Holding life insurance cover inside an SMSF and funding the premiums from a reversionary account-based pension can give a surviving spouse the ability to establish an income stream well in excess of the $1.6 million dictated by the transfer balance cap (TBC), a technical manager has said.

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ATO, Property

Advisers should fend off property spruikers

Property spruikers are targeting the retirement savings of SMSF trustees struggling to enter the housing market by promoting the purchase of property through an SMSF and advisers must act to discourage this behaviour, according to the ATO.

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ATO, Regulation, Superannuation

SMSFs should share SuperStream costs

Extending the operation of SuperStream to SMSF rollovers will inflate costs for Australian Prudential Regulation Authority (APRA)-regulated funds, with little or no cost burden falling on the SMSF sector, according to an industry body.

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ATO, Compliance, Regulation

TBAR a potential TSB solution

It may be beneficial for SMSF members to calculate and record their total super balance (TSB) as at 30 June 2017 via a transfer balance account report (TBAR) rather than by way of the fund’s annual return, particularly if their retirement savings assets are close to $1.6 million, a technical expert has said.

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