News : ATO

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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ATO, Retirement, Superannuation

ATO rectifies market-linked pension anomaly

The ATO has announced a common-sense solution to the unintended consequences of its treatment of situations where a market-linked pension has been commuted and subsequently restarted in relation to an individual’s transfer balance cap.

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ATO, Retirement, Superannuation

Timing of pension payments has ECPI implications

Advisers and their clients should be aware that the timing of pensions payments made throughout the year can have an effect on the level of exempt current pension income (ECPI) an SMSF can claim in a particular year, a superannuation technical expert has said.

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ATO, Retirement, Superannuation

PC made SMSF findings despite flawed data

Jordan George

The Productivity Commission went ahead and made significant findings regarding SMSF returns and costs despite acknowledging problems with its “fundamentally flawed” data, an industry body has argued.

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ATO

Actuary clarifies ECPI certificate requirement

SMSFs will not need more than one actuarial certificate to claim exempt current pension income (ECPI) when they switch between using the segregated and unsegregated asset method at different times during a financial year, actuarial certificate provider Accurium has said.

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ATO, Strategy

ATO to apply Part IVA to reserve scrutiny

The ATO has made known its intention of determining whether there are any breaches of the Income Tax Assessment Act 1936 Part IVA rule when examining the use of reserves in an SMSF.

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ATO

APV reporting vital part of TBAR: ATO

The tax office has underlined circumstances where it may be in SMSF members’ best interests to report their accumulation-phase value (APV) as part of their transfer balance account report (TBAR). In a recent podcast moderated by SMSF Association chief executive John Maroney, ATO deputy commissioner James O’Halloran said SMSFs can report their APVs on the […]

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ATO

ATO confirms ECPI requirement

The ATO has confirmed its position on the requirement for actuarial certificates to claim exempt current pension income (ECPI) when an SMSF switches from using the segregated and unsegregated asset method at different time during a financial year.

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ATO

Super protection bill introduced into Parliament

The federal government introduced the Treasury Laws Amendment (Protecting Your Superannuation Savings Package) Bill 2018 into Parliament today.

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