News : ATO

ATO

CGT relief errors surfacing

Kasey Macfarlane

The ATO has already been notified about errors made in the calculation and implementation of the transitional capital gains tax (CGT) relief provisions contained in the super reforms.

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ATO

TBAR form revised for more events

The ATO has updated its paper transfer balance account report (TBAR) form to allow up to four transfer balance cap events to be reported per member.

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ATO

Practitioner services a key priority: ATO

Box being ticked.

The ATO has reaffirmed its commitment to providing improved services and removing any irritants to tax agents as it works closely with the industry to get future initiatives and strategies right.

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ATO

ATO encourages earlier TBAR reporting

Wristwatch.

The ATO has indicated certain scenarios affecting an SMSF member’s transfer balance cap should be reported under the transfer balance account report (TBAR) sooner rather than later to avoid double counting of income streams.

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ATO

SMSF Association applauds ATO super project

The SMSF Association has come out in full support of the ATO’s recently published Super Scheme Smart material, which is designed to give taxpayers relevant information and cases studies about illegal retirement planning arrangements, including the associated risks and warning signs.

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ATO

ATO settles TBAR decision for SMSFs

The ATO last week revealed its final position on events-based reporting for SMSFs, announcing this reporting method for SMSFs under its transfer balance account report (TBAR) regime will be limited to those funds with members that have total super account balances of $1 million or more.

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ATO

ATO announces TBAR frequency requirement

A hand holds a stopwatch.

The ATO has today handed down the outcome of its position paper, announcing that events-based reporting for SMSFs under its transfer balance account report (TBAR) regime will be limited to those SMSFs with members that have total super account balances of $1 million or more.

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ATO

IT underinvestment not cause of outages: ATO

The ATO has stated that underinvestment in its technology infrastructure is not to blame for its bout of website and portal outages.

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ATO

No TBAR for family law, fraud cases

Birds perched on power lines.

The ATO has clarified SMSF trustees who experience family law cases, fraudulent activity or bankruptcy that affects their transfer balance cap will be required to follow a separate process to the transfer balance account report (TBAR) regime.

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ATO

ATO casts doubt over BDBN pension treatment

The ATO has hinted it will be examining whether a binding death benefit nomination (BDBN) can affect the treatment of an existing member’s pension upon the death of that member.

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