News : ATO

ATO, Compliance & Regulation, Property

Rental property expenses in focus

NALI Deductions ATO Rental property

The ATO is currently focusing on deductible expenses associated with investment properties with regard to its compliance enforcement procedures.

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ATO, Compliance & Regulation, SMSF

Illegal early access fact sheet released

ATO SMSF Illegal early access

The ATO has issued a fact sheet to remind SMSF trustees not to use the services of people promoting access to superannuation before they are eligible to withdraw it.

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ATO, Auditing, Compliance & Regulation

ATO raises valuation angst again

ATO Market value SMSF Auditors Valuation

The ATO has expressed its concerns over SMSF asset values that have remained unchanged over multiple income years.

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ATO, Compliance & Regulation, SMSF

A further 149 trustees banned

ATO SMSF trustees Banned and disqualified register Superannuation Industry (Supervision) (SIS) Act

Close to 150 SMSF trustees were disqualified in the December quarter 2023, marking a substantial decrease in barred trustees compared to the previous three-month period.

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ATO, Compliance & Regulation, SMSF

Dob in illegal access advice

ATO Illegal early access Promoters SMSF Superannuation

Superannuants have been asked to report individuals who are encouraging illegal early access of retirement savings balances to the ATO.

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ATO, Compliance & Regulation, SMSF

ATO reveals set-up flags

ATO SMSF review Set-up establishment Insolvency Dishonesty

The ATO’s decision to review an application to set up an SMSF is largely driven by the history and circumstances of the individuals involved.

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ATO, SMSF, Superannuation

Drawdown approval contemplated

SMSF ATO Illegal early access withdrawal approval

In an effort to curb cases of illegal early access, the ATO may introduce an additional compliance requirement before funds can be released from an SMSF.

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ATO, Compliance & Regulation

More SMSF trustees banned

ATO Trustee disqualification Superannuation Industry (Supervision) (SIS) Act SMSF

The ATO has taken action against a further 223 trustees, bringing the total number of disqualified trustees close to 600 for 2023.

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ATO, Compliance & Regulation, SMSF

Raw diamonds not personal use assets

ATO diamonds SMSF personal use asset collectable

The ATO has provided guidance on the status of pink diamonds inside an SMSF and has noted trustees should give proper consideration to how they are insured and stored.

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ATO, Compliance & Regulation, Superannuation

Illegal early access to be measured

ATO SMSF illegal early access

The ATO has commenced a new program tracking the impact of illegal early access from SMSFs in an effort to identify those most likely to engage in the practice.

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