The 2019 SMSF annual return will contain a separate area for downsizer contributions reporting to the ATO by trustees who have used the concession after its introduction in 2018.

The ATO will accept asset valuations from trustees but has reminded them of their responsibilities in accurately sourcing that information.

The ATO has issued a reminder to the SMSF sector as to how commutation authorities should be treated and acted upon. The regulator’s clarification came via CRT Alert 086/2018 and was in response to signs it was seeing where additional reporting obligations and adverse outcomes were arising directly from the treatment of commutation authorities. A […]