News : ATO

ATO

ATO to focus on personal services income

The ATO has identified the treatment of personal services income among SMSF trustees as a key focus of its compliance activity regarding tax planning practices.

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ATO, Compliance & Regulation

ATO targeting serious non-compliance

The ATO will concentrate on cases of serious non-compliance from SMSFs in the coming financial year.

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ATO, Strategy

Tax-effective strategies require forward planning

SMSF trustees need to have planned some tax minimisation strategies well in advance of the commencement of a pension, and also should allow for any future change in member circumstances, a superannuation technical specialist has warned.

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ATO

ATO early engagement service up and running

The ATO’s early engagement and voluntary disclosure service will now accept notifications from SMSF trustees and practitioners of unrectified regulatory contraventions.

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ATO, Compliance & Regulation

ATO lists priorities for future SMSF experience

The ATO has announced a number of priority outcomes for the SMSF sector, including digitising parts of the SMSF process, to be delivered as part of its reinvention over the next four years.

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ATO

ATO extends dividend stripping olive branch

Olive branch.

The Australian Taxation Office has announced it will contact SMSF trustees who have fallen foul of the dividend stripping arrangements as defined in Taxpayer Alert 2015/1 (TA 2015/1), allowing them to correct the tax positions of their funds without penalty.

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ATO, Compliance & Regulation

ATO better defines residency rules

The ATO has recently clarified its position on residency rules applied to an Australian superannuation fund.

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ATO

Retirement income taxes remain on the agenda

Submissions on superannuation taxes are still being considered as part of the current tax white paper process, even though the federal government has emphatically said it will not impose any new such taxes in its first term, a Treasury official has said.

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ATO

ATO to focus on dividend stripping, asset values

Female soccer player taking free kick

The ATO’s SMSF compliance activity over the next 12 months will pay particular attention to dividend stripping, asset values and related-party loans.

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ATO, Compliance & Regulation

LRBA tax treatment improved

Legislation clarifying and consolidating the tax treatment of limited recourse borrowing arrangements (LRBA) has been introduced into Parliament.

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