The ATO has officially declared its dislike of running two SMSFs in conjunction with one another as a method by which to manage and comply with the newly imposed $1.6 million transfer balance cap in video content it has released with the SMSF Association.

ATO system outages are still an issue affecting practitioners, leading the Institute of Public Accountants (IPA) to consider pursuing compensation should the problems continue.

ATO activity regarding SMSF auditor independence in the 2018 financial year will focus on referral networks and their ability to compromise professional standards in this area.

The Institute of Actuaries has expressed its concerns regarding the ATO’s approach toward the use of the segregated method within an SMSF when determining assets that have been used to support an income stream or streams.

The SMSF Association has welcomed the ATO’s decision to extend the lodgement date for SMSF annual returns in light of the superannuation legislation changes and compliance points funds need to get through before 1 July.

The ATO has notified advisers they can request information from the SMSF regulation body regarding their clients’ total superannuation balance in order to determine compliant contribution strategies in the lead-up to 1 July.

The ATO has issued Practical Compliance Guideline (PCG) 2017/5 demonstrating the approach it will take in regard to the commutation of pensions for the 2017 financial year in an effort to comply with the newly imposed $1.6 million transfer balance cap.

SMSF trustees have been given the assurance they have been seeking to address any uncertainty in regard to the commuting of account-based pensions with the release of the ATO’s Practical Compliance Guideline (PCG) 2017/5, according to a sector technical expert.

There is growing industry concern about the ATO potentially deeming the traditionally straightforward move from a transition-to-retirement income stream (TRIS) to an account-based pension as a new pension interest, a technical expert has revealed.