The ATO has released material saying SMSF property developments can be considered tax avoidance schemes that are “too good to be true”. Within the program called Super Scheme Smart, the tax office aims to educate the public about SMSF strategies that concern it.

The ATO has declared its adoption of technology to make tasks such as SMSF establishment more efficient will always be limited by the need to protect the integrity of the sector.

SMSF trustees and members transacting in cryptocurrencies need to be aware of the tax consequences and keep records of all cryptocurrency transactions, according to a recent ATO update.

The ATO has warned SMSFs to ensure appropriate independent advice is sought before investing in cryptocurrencies as such investments could add to the compliance burden.

A technical expert has told SMSFs to monitor whether administration costs are raised due to events-based reporting especially among administrators that are not fully automated.

This article looks at the actions and penalties the ATO can impose on trustees of SMSFs. In 2014, a new regime added the following compliance powers to the ATO’s arsenal.

The ATO has issued a small number of excess transfer balance cap (TBC) determinations to SMSFs that have lodged a transfer balance account report (TBAR) however is not anticipating this number to escalate.