News : ATO

ATO

ATO guidance akin to law

Guidance issued by the ATO can carry a force similar to that of the law and so requires practitioners to be aware of any changes.

Guidance issued by the ATO can carry a force similar to that of the law and so requires practitioners to be aware of any changes.

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ATO, NALI/NALE, Tax

LCR 2021/2 example too basic

One particular example contained in Law Companion Ruling 2021/2 seems to lack critical detail, compromising its effectiveness.

One particular example contained in Law Companion Ruling 2021/2 seems to lack critical detail, compromising its effectiveness.

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ATO, Auditing, Valuations

Check valuation challenge assumptions

Trustees can push back against an ATO challenge to the valuation of an asset, but should be able to prove why they believe the regulator is wrong.

Trustees can push back against an ATO challenge to the valuation of an asset, but should be able to prove why they believe the regulator is wrong.

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ATO, Compliance

Education directive process confirmed

The ATO has stipulated how it will enforce compliance for trustees who make inadvertent errors and when to escalate that approach.

The ATO has stipulated how it will enforce compliance for trustees who make inadvertent errors and when to escalate that approach.

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ATO, NALI/NALE, Regulation

LCR 2021/2 rulings applauded for now

The SMSF Association has praised some of the ATO rulings regarding LCR 2021/2 but also identified other areas that require more attention.

The SMSF Association has praised some of the ATO rulings regarding LCR 2021/2 but also identified other areas that require more attention.

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ATO, NALI/NALE

New NALE guidance still has issues

Updates to NALI guidance from the ATO has been welcomed but more details are still required in regards to key matters.

Updates to NALI guidance from the ATO has been welcomed but more details are still required in regards to key matters.

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ATO, Compliance, Regulation, SMSFA

Audit of ATO oversight welcomed

A proposed audit of the ATO’s regulation of SMSFs, the first in nearly 20 years, has been welcomed by the SMSF Association.

A proposed audit of the ATO’s regulation of SMSFs, the first in nearly 20 years, has been welcomed by the SMSF Association.

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ATO, Pensions

ATO unlikely to grant pension relief

The probability of a successful application to the ATO for the use of its discretionary powers to rectify a breach of the pension payment standards is very low.

The probability of a successful application to the ATO for the use of its discretionary powers to rectify a breach of the pension payment standards is very low.

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ATO, SMSF

Warning issued on improper SMSF schemes

The regulator has issued a comprehensive update on its website, warning individuals not to set up or use an SMSF for the wrong reasons.

The regulator has issued a comprehensive update on its website, warning individuals not to set up or use an SMSF for the wrong reasons.

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ATO, Compliance, Documentation

ATO SAR letters require action

ATO correspondence regarding the non-lodgement of SMSF annual returns now has a more serious nature and should not be ignored.

ATO correspondence regarding the non-lodgement of SMSF annual returns now has a more serious nature and should not be ignored.

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