News : ATO

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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ATO, Regulation, Strategy

Court case may spark in-house asset scrutiny

The ATO may become more mindful of SMSFs that lease residential property assets to related entities using smaller trust structures to circumvent in-house asset rules in light of the Aussiegolfa decision, an SMSF expert warned.

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ATO, Superannuation

ATO flags unavailability of super services

The tax office has advised that some of its superannuation services are temporarily unavailable while it implements changes.

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ATO, Regulation, Residential Property

Aussiegolfa must not prompt related-party dealings

The ATO’s decision not to seek special leave to appeal the full Federal Court decision in Aussiegolfa Pty Ltd (Trustee) v Commissioner of Taxation in respect of the sole purpose test should not offer SMSFs comfort in thinking they can lease residential property to related parties, a financial planner has warned.

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ATO, Compliance, Strategy

ATO flags multiple SMSFs issue

The ATO has revealed it is examining the use of multiple SMSFs to manipulate tax outcomes as a new emerging matter.

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Administration, ATO, Compliance

Quarterly TBC report dates draw closer

The SMSF Association has reminded SMSFs on a quarterly transfer balance cap (TBC) reporting cycle they must make their first lodgement with the ATO in three weeks.

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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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