The ATO has flagged it will ramp up its attention on SMSF auditors to determine whether quality and independence standards are being met and it will also assess low-cost audits following industry concerns.

The ATO has provided DomaCom with advice that will pave the way for trustees and members to invest in family property via the company’s fractional property offering.

The ATO today released a new tax determination (TD) addressing the remaining issues with limited recourse borrowing arrangements (LRBA) and the non-arm’s-length income (NALI) provisions in the income tax law.

The ATO will be releasing further guidelines for non-bank limited recourse borrowing arrangements (LRBA) within the next few days.

The ATO has called for the forging of a partnership-type relationship between itself and practitioners in regard to technical issues, as it will result it a stronger SMSF sector.

The ATO’s approach to the segregation of single assets remains unclear, with one specialist law firm questioning whether the regulator’s initial interpretation of the practice is correct.

The ATO has said it is aware of the expectations for improved visibility on super information in light of the substantial changes announced in the budget, but has asked the industry to be patient as it awaits its solutions and improvements as they will take some time.

Clients must ensure they have obtained a release authority from the ATO as any excess non-concessional contribution (NCC) amounts cannot be refunded without one, a superannuation technical services manager has said.

The SMSF Association has thrown its support behind the ATO’s new Super Scheme Smart initiative, which is aimed at safeguarding the retirement savings of Australians.