News : ATO

ATO, Pensions

COVID-19 creates pension drawdown headache

low income pension

Trustees drawing pensions based off low-returning assets will still have to draw the minimum amount and cannot sidestep that requirement, the ATO has said.

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ATO, Documentation

ATO defers SAR lodgement date

ATO SAR lodgement

The lodgement date for SMSF annual returns has been automatically pushed out to 30 June for all funds in the latest COVID-19 relief measure from the ATO.

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ATO, Compliance & Regulation

A new break for LRBAs

LRBA structure

SMSF trustees may soon have more ways to structure limited recourse borrowing arrangements without breaching the Superannuation Industry (Supervision) Act due to a new ATO legislative instrument.

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ATO, Compliance & Regulation

ATO rent relief stance announced

ATO rent relief COVID-19

The ATO has confirmed it will not take action against SMSFs providing tenants with rent reductions due to the impact of COVID-19.

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ATO, Compliance & Regulation

ATO issues in-house asset directive

In-house assets

The ATO has provided SMSF trustees with a course of action should a fund be in breach of the in-house assets rules due to COVID-19-driven market downturns.

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ATO, Superannuation

ATO reveals early super release details

superannuation early release

SMSF members have been given details about how they can gain early access to their funds under the government’s coronavirus relief provisions, with the ATO urging caution for trustees.

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ATO

ATO fixes error in SMSF alert system

ATO SMSF alert

The electronic service address error that resulted in the ATO sending out alert notifications to SMSF trustees in error has been fixed.

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ATO

No TBC indexation in 2020

Transfer balance cap indexation

The ATO has announced indexation of the general TBC will not go ahead in July and also reminded trustees investing in property of their GST obligations.

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ATO, Superannuation

ATO to examine collectables

ATO lifestyle assets

The ATO will use its data matching powers to check if SMSFs are using high value assets for personal use in breach of the law.

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ATO

ATO investment strategy guidance imminent

SMSF investment strategy guidance

Guidance in clarifying acceptable practices in formulating SMSF investment strategies will soon be released by the ATO.

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