News : ATO

ATO, Compliance & Regulation, Property

Tardy related-party rent a compliance risk

Related-party Rent Sole purpose test Superannuation Industry (Supervision) (SIS) Act

SMSFs receiving rental income from a related party cannot allow these payments to fall behind in as it may represent a breach the sole purpose test.

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ATO, NALI/NALE

Recent rulings positive for NALE cases

NALE Non-arm's length expenditure ATO SMSF Accountants

Accountants using their professional permits when performing work for their own fund without charge will not necessarily trigger the NALE provisions.

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ATO, Compliance & Regulation

ATO flags reporting deadlines

ATO SMSF annual return Self-managed superannuation Asset valuation

SMSF trustees have been reminded of the obligations they need to satisfy before lodging their fund’s annual return for the 2023/24 income year.

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ATO, Documentation

Common annual return errors noted

SMSF annual return Errors ATO Melissa Anstis exit strategy

The ATO has noticed simple identifiable errors are appearing on SMSF annual returns that are delaying the timely processing of these documents.

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ATO, SMSF

ATO makes SMSF courses available

ATO SMSF Self-managed superannuation Educational courses Set up Wind up

The ATO has launched two educational courses on its website to guide SMSF trustees through setting up or winding down a fund.

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ATO, Compliance & Regulation, SMSF, Tax

New trust reporting rules in effect

SMSF Self-managed superannuation Unit trust Modernisation of Trust Administration Systems Annual return SMSF Association Tracey Scotchbrook

New ATO reporting rules for SMSFs receiving trust distributions are now in effect, impacting lodgements for the 2024 income year onwards.

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ATO, Auditing, SMSF

Action starting on unchanged asset values

SAR SMSF annual return ATO unchanged asset values

The ATO has issued letters to SMSFs that continue to report unchanged asset values and will be focusing on this year’s annual returns.

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Administration, ATO, SMSF

End-of-year reminders from ATO

ATO SMSF annual return Minimum pension payment self-managed super

SMSF trustees have been reminded to check the accuracy of their fund details on the SMSF annual return before lodging and ensure they pay members the minimum pension amount by 30 June.

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ATO, Documentation, SMSF

ATO issues record-keeping reminder

ATO Record-keeping Changes SMSF SMSF annual return

SMSF trustees need to be aware of the annual return lodgement date and check how current fund records and the information are provided to the ATO.

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ATO, SMSF

ATO adjusts trustee communication

ATO SMS SMSF Communication

The ATO has notified SMSF trustees it has changed the content of its text alerts in order to prevent scams.

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