News : ATO

AAT, ATO, Compliance, Legislation, Regulation

Disqualification overturned despite breaches

AAT ATO Trustee disqualification SMSF Gordon Merchant

The AAT has overturned the disqualification as trustee of the founder of Billabong despite several breaches of superannuation laws.

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Administration, ATO, Compliance, Regulation, SuperStream

Rollover timeframes work against trustees

SMSF Rollover Wind up SuperStream

SMSF trustees will continue to experience issues with rolling assets from a fund using SuperStream within the required timeframe due to unchanged limits in the system.

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AAT, ATO, Compliance, NALI/NALE, SMSF

CAANZ calls for NALI clarity

NALI AAT ATO BPFN and Commissioner

It has been recommended the ATO update its non-arm’s length income guidance after one of its rulings was overturned by the AAT last year.

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ATO, Compliance, Documentation, SMSF

Practitioners judged more harshly

ATO Tax agent Documentation Evidence SMSF

SMSF practitioners should maintain the highest documentation standards for their own funds due to the degree of scrutiny the ATO applies to them.

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ATO, Compliance, Documentation, SMSF

Record keeping reminder issued

SMSF trustees Record keeping Annual returns

SMSF trustees need to be aware of the annual return lodgement date and check how current fund records and the information provided to the ATO are.

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ATO, SMSF

Law vague re SMSF unit trust role

SMSF Unit trusts NALE NALI LCR 2021/2 SIS Act

Guidance regarding whether SMSF trustees can provide services to a related unit trust without breaching the non-arm’s length income rules is unclear and ambiguous.

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Administration, ATO, SMSF

New trust reporting regime prompt issued

ATO SMSF Trust distribution Trust benefits Annual return

SMSF trustee have been reminded of the new reporting requirements taking effect in the 2024/25 financial year for trust income.

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Administration, ATO, Compliance, Contributions

Contribution return window narrow for over 75s

ATO Contribution SIS Act SMSF

SMSFs receiving contributions from members aged over 75 will likely have to return them and should be aware the timeframes within which to act are very limited.

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ATO, Compliance, Contributions

Take action on excess contributions

ATO Non-concessional contributions Excess concessional contribution Contribution caps

Trustees making a concessional contribution over the cap limit could face tax and compliance issues if they take no action to withdraw it from the fund.

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Administration, ATO, SMSF, Tax

Confusion over education deductions

Education expenses Deduction ATO Taxation ruling

SMSF trustees are still attempting to claim certain education expenses as deductions despite recent ATO guidance on the matter.

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