News : ATO

ATO

ATO expects gradual drop in SMSF reserves

The ATO has revealed the number of SMSFs with reserves has decreased and anticipates the trend will continue, with the SMSF regulator looking to benchmark this data year by year.

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ASIC, ATO, Auditing

SMSF auditors practice statement updated

The ATO’s Practice Statement Law Administration (PA LA) in relation to determining whether matters concerning approved SMSF auditors should be referred to the Australian Securities and Investments Commission (ASIC) must be carefully read by super trustees and advisers.

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ATO, Compliance

Market-linked pensions in the new reporting regime

There has been a lot of information published in relation to the transfer balance account report (TBAR) requirements for account-based pensions (ABP), which, while certainly onerous, are reasonably simple in theory. Capped defined benefit income stream (CDBIS), however, are not quite as simple, with additional reporting requirements coming to light now, more than a year […]

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ATO, Compliance

Proper procedure needed with TBAR corrections

The ATO has stipulated certain processes are absolutely necessary to correct any errors relating to transfer balance account reports (TBAR).

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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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