New draft guidelines changing the ATO’s interpretation of what constitutes a fixed trust may help the tax treatment of trust distribution income for SMSFs, according to a specialist law firm.

The ATO has issued a reminder to SMSF advisers and trustees about how the non-arm’s-length income (NALI) provisions apply to limited recourse borrowing arrangements (LRBA) in light of the looming compliance deadline for these gearing strategies.

The ATO is currently running a survey to determine the state of limited recourse borrowing arrangements (LRBA) within SMSFs to see whether the regulation of these strategies is sufficient.

The Australian Taxation Office (ATO) is working with practice software providers to integrate data and functionality that will allow tax agents access to the services of its online portal through their own business software.

The ATO has made an initial comment on the approach it will take in regards to the new superannuation measures that will start from 1 July 2017, such as breaching the contribution caps.

Since the introduction of the ATO early engagement and voluntary disclosure service for SMSF trustees, two issues have dominated notifications to the facility.

The ATO has identified the treatment of personal services income among SMSF trustees as a key focus of its compliance activity regarding tax planning practices.

The ATO has revealed it will deliver new guidance to the industry, including practical examples and the commissioner’s views, when the bill for the superannuation measures reaches Parliament.