News : ATO

ATO, Auditing, SMSF, Superannuation, Tax

Risk reduction for ATO auditor reviews

SMSF auditors should consider a rule of thumb that will be of great benefit should they ever experience a regulator review or investigation.

SMSF auditors should consider a rule of thumb that will be of great benefit should they ever experience a regulator review or investigation.

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ATO, SMSF, Superannuation

Death pension minimum rules unclear

The fate of reversionary pensions that do not meet their minimum payment obligations is unclear, with previous ATO guidance on the matter no longer available.

The fate of reversionary pensions that do not meet their minimum payment obligations is unclear, with previous ATO guidance on the matter no longer available.

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ASIC, ATO, Regulation

Financial regulation initiative launched

The government has unveiled a grid aimed at improving the regulation processes involving the Australian financial sector.

The government has unveiled a grid aimed at improving the regulation processes involving the Australian financial sector.

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ATO, Contributions, Tax

Contributions deduction error fixed

The ATO has corrected an error in its procedures with regard to allowing SMSF members to claim a tax deduction for personal contributions.

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ATO, Compliance

ATO names related-party funding concerns

Key risk factors that can arise in related-party funding arrangements have been flagged by the ATO for compliance activity if it identifies at least one of them is present.

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ATO, Auditing, Compliance

ACR required for rectified breaches

SMSF, Self-managed super, auditor contravention report, ACR, Accurium, Anthony Cullen, Seamless SMSF, Frank La Spada, compliance breach rectification

An SMSF compliance breach that has been rectified in the year in which it occurred will still have to have an ACR lodged for it with the ATO.

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ATO, Documentation

ATO quantifies 2023 SAR non-lodgement

The number of SMSFs that have not lodged an annual return for the 2023 income year is cause for concern with the ATO stating the problem is increasing in size.

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Appointments, ATO

New SMSF assistant commissioner appointed

The ATO has named the senior staffer who will oversee the SMSF sector and replace Justin Micale, who has moved to another role within the regulator.

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ATO, Compliance

Loans to mask illegal early access rising

An increasing number of SMSF trustees and members are attempting to classify the illegal early access of benefits as loan arrangements.

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ATO, SMSF

New funds dominated by middle-agers

The number of middle-aged people setting up an SMSF has continued to rise, with more than 50 per cent of new funds established by people between 35 and 50 years of age.

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