News : ATO

ATO, NALI/NALE

NALI guidance ramps up trustee obligations

The ATO’s revised guidance on NALI means trustees must be very certain they won’t breach the relevant provisions before acting.

The ATO’s revised guidance on NALI means trustees must be very certain they won’t breach the relevant provisions before acting.

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ATO, Auditing, Compliance

ATO specifies ACR lodgement timing

New guidance from the ATO has reminded auditors to lodge an ACR in the year they identify a breach has occurred to ensure trustee compliance.

New guidance from the ATO has reminded auditors to lodge an ACR in the year they identify a breach has occurred to ensure trustee compliance.

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ATO, Superannuation, Tax

Release authority compliance an issue

Compliance with release authorities is causing some worry for the ATO with the communiques being ignored or not properly followed.

Compliance with release authorities is causing some worry for the ATO with the communiques being ignored or not properly followed.

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ATO, Compliance, Regulation, SMSF

ATO issues education direction guidance

The ATO has stipulated the circumstances whereby issuing education directions is not appropriate for SMSF trustee duty breaches.

The ATO has stipulated the circumstances whereby issuing education directions is not appropriate for SMSF trustee duty breaches.

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ATO, Compliance, Regulation, Tax

A significant compliance overhaul

The updated AML/CTF regulations will significantly change compliance obligations for more professionals including those servicing SMSFs.

The updated AML/CTF regulations will significantly change compliance obligations for more professionals including those servicing SMSFs.

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ATO, Auditing, Compliance

ATO will target worst audit files

ATO actions over the past year have indicated the regulator will focus on worst-case situations when conducting an auditor review.

ATO actions over the past year have indicated the regulator will focus on worst-case situations when conducting an auditor review.

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ASIC, ATO, Auditing

Audit work concentrated among few

Audit work related to SMSFs is increasingly being carried out by fewer practitioners as their fees remain static.

Audit work related to SMSFs is increasingly being carried out by fewer practitioners as their fees remain static.

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ATO, Compliance, In-house assets, Legislation, Regulation

Ignoring in-house asset breaches unwise

Trustees dealing with a breach of the in-house asset rules should not believe inaction provides a satisfactory solution to the problem.

Trustees dealing with a breach of the in-house asset rules should not believe inaction provides a satisfactory solution to the problem.

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ATO, SMSF

Sector shows steady growth

The latest ATO overview of the SMSF sector has revealed continued growth, with many funds holding long operating track records.

The latest ATO overview of the SMSF sector has revealed continued growth, with many funds holding long operating track records.

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ATO, Compliance, Technology

ATO urges app use to prevent fraud

SMSF trustees and members have been encouraged to use an ATO-developed app that can lock down their fund if suspicious activity is flagged.

SMSF trustees and members have been encouraged to use an ATO-developed app that can lock down their fund if suspicious activity is flagged.

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