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.

The SMSF Association has announced the establishment of a think tank with the ATO that will look at using technology and digital SMSF solutions to enhance member outcomes.

The ATO has announced it will be providing guidance for SMSFs in relation to the use of reserves and the practical implementation of the downsizer and First Home Super Saver Scheme initiatives introduced as part of last year’s federal budget.

The ATO has confirmed it has no plans to enhance the detail contained in the statistics it compiles for the SMSF sector, despite calls from practitioners to do so.

The ATO’s extension for SMSF annual returns will not have a huge impact on trustees with highly complex capital gains tax (CGT) relief issues, according to a technical expert.