News : ATO

ATO, Compliance & Regulation

Admin penalty stance tougher

ATO administration penalties

The ATO experienced a $1.4 million increase in administration penalties collected in the 2019 financial year, according to the regulator’s most up-to-date data.

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ATO

ATO material can’t be cherry-picked

ATO materials

Certain ATO material cannot be used in isolation to determine a superannuant’s particular course of action to address an issue, a recent Administrative Appeals Tribunal case has determined.

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ATO, Tax

ATO grants NALE transitional period

ATO arm’s-length arrangements

SMSF trustees have the opportunity to rectify any service provision arrangements involving themselves and their fund to prevent them from falling foul of the new NALE provisions.

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ATO, Documentation

Changes to TBAR set to take effect

spreadsheet TBAR forms

Spreadsheet TBAR forms will no longer be accepted after 31 October and all TBAR forms lodged after that date must be via the ATO online service portal, the regulator says.

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ATO, Residential Property

ATO probe targeting LRBAs

ATO letters LRBA SMSFs

The ATO has confirmed the SMSFs contacted via letters as part of its recent probe into the diversification of fund investment strategies used a limited recourse borrowing arrangement (LRBA) to acquire their single asset or asset class.

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ATO, Documentation

ATO toughens annual return lodgement stance

SMSF annual return lodgment

Late lodgments of SMSF annual returns from 1 October will impact on funds’ complying status, the ATO has warned.

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ATO, Pensions

ECPI discretion success has common factors

ECPI ATO discretion

A successful application for ATO discretion to claim exempt current pension income usually involves some common elements, a technical manager has said.

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ATO, Investments, Superannuation

ATO to scrutinise investment strategies

ATO SMSFs investment strategy

The ATO will ask some SMSFs to produce detailed investment strategies to justify why their investments are held in single assets.

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ATO, Compliance & Regulation

NALI trustee services directive to come

NALI personal capacity

The treatment of services provided in a personal capacity to an SMSF in relation to the non-arm’s-length income rules require more clarity, according to a senior technical services executive.

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ATO, Superannuation

ATO acts on SMSFs with outstanding annual returns

smsf annual tax return

SMSFs that have failed to lodge an annual return or have been involved in illegal early-release efforts have been blocked by the ATO and will not be able to receive funds.

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