News : ATO

ATO

SMSF rollover alerts introduced

July 2, 2021

Tia Thomas

The ATO has added an SMSF alert service to SuperStream that will notify members when a rollover has occurred.

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ATO

ATO fixes Super Fund Lookup error

June 18, 2021

Darin Tyson-Chan

An anomaly with the ATO’s Super Fund Lookup service that resulted in a number of SMSFs losing their complying status in error has now been rectified.

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ATO, Strategy

Delayed allocations not Part IVA

April 23, 2021

Darin Tyson-Chan

The use of contributions reserves has a very low probability of having the ATO consider it a tax avoidance arrangement.

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ATO

ATO alert system updated

March 26, 2021

Jason Spits

The ATO has expanded the email and text message alert system it uses to notify SMSF trustees when changes take place within their fund.

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ATO, Documentation

Missing details most common SAR error

February 26, 2021

Jason Spits

Missing bank and auditor details have been identified as common errors made by SMSF trustees lodging annual returns, according to the ATO.

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ATO, Documentation

Accounting deadline dropped

December 18, 2020

Jason Spits

Treasury has abandoned a controversial proposal to force SMSFs to finalise financial statements 45 days before the fund lodges its annual return.

Rent relief instrument issued

December 4, 2020

Tharshini Ashokan

The ATO has released a legislative instrument determination addressing COVID-19 rent relief deferrals granted by SMSF landlords to related-party tenants.

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ATO, Compliance & Regulation

ATO clarifies penalty stance

November 6, 2020

Jason Spits

ATO case officers must have defensible reasons for imposing multiple penalties on an SMSF trustee, new guidelines have revealed.

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ATO

SAN misuse claims fourth tax agent

November 6, 2020

Tharshini Ashokan

The registration of a tax agent has been terminated for SMSF auditor (SAN) misuse after the behaviour was identified by in an ATO review.

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ATO, Compliance & Regulation

Trustee steps to shape penalties

October 23, 2020

Jason Spits

The ATO will consider the consistency of a trustee’s behaviour in determining when penalties for breaches will be waived under newly released guidelines.

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