News : ATO

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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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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