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.

The SMSF Association has welcomed the ATO decision to extend the 30 June deadline for small businesses to become SuperStream compliant, calling it a flexible approach in providing them a few more months to adapt.

The ATO has issued guidelines defining the compliance obligations relating to limited recourse borrowing arrangements (LRBA) involving related parties that will ensure income from these strategies will not be treated as non-arm’s length in nature.

The ATO believes its proposed early engagement and voluntary disclosure service for SMSFs will significantly improve the interaction with trustees and practitioners when it comes to handling breaches.

SMSF advisers and trustees need to be aware the ATO’s practical compliance guidelines (PCG) issued last week regarding limited recourse borrowing arrangements (LRBA) do not cover all assets or all aspects of these types of gearing strategies, according to some sector experts.

The ATO has revealed SMSFs are getting better at meeting their key lodgement responsibilities, however, the tax office is closely monitoring funds that have lapsed lodgements.

The ATO has announced a number of priority outcomes for the SMSF sector, including digitising parts of the SMSF process, to be delivered as part of its reinvention over the next four years.