The ATO is urging SMSF trustees who have not taken the necessary steps to make their funds SuperStream ready to receive contributions from medium to large employers to do so before this year’s 30 June deadline.

The Australian Taxation Office (ATO) has expressed its concern over the use of reserves within SMSFs and pointed out advisers need to consider these strategies carefully before recommending their implementation as they add a potentially unwanted layer of complexity to running a retirement savings fund.

A new information video produced by the Australian Taxation Office to assist trustees with SMSF establishment has given the strongest indication yet that the regulator would prefer funds with a corporate trustee structure.

The Australian Taxation Office is closely monitoring trustee education seminars, particularly those being held overseas, to make sure the associated strategies and investments fall into line with the sole purpose test.