News : ATO

ATO, Compliance & Regulation, SMSF

Raw diamonds not personal use assets

ATO diamonds SMSF personal use asset collectable

The ATO has provided guidance on the status of pink diamonds inside an SMSF and has noted trustees should give proper consideration to how they are insured and stored.

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ATO, Compliance & Regulation, Superannuation

Illegal early access to be measured

ATO SMSF illegal early access

The ATO has commenced a new program tracking the impact of illegal early access from SMSFs in an effort to identify those most likely to engage in the practice.

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Administration, ATO, Auditing, Compliance & Regulation

Valuations focus to intensify

ATO SMSF asset valuations

The valuation of assets is an area of compliance the ATO is looking to focus on with greater intensity as a result of recent data analysis.

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ATO, Compliance & Regulation

Compliance snags with fraud

Fraud SMSF ATO Compliance

The regulator’s stance regarding situations where benefits of a fund have been accessed via fraudulent activities remains a little unclear.

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ATO, NALI/NALE

Tax determination troublesome for SMSFs

ATO tax determination SMSF NALI CGT

The ATO taxation determination outlining how the NALI and CGT rules interact is potentially problematic for SMSFs.

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ATO, Compliance & Regulation, Strategy

Voluntary disclosure scheme not speedy

ATO voluntary disclosure scheme

Patience and persistence are required when looking to use the ATO’s early engagement and voluntary disclosure scheme to secure a satisfactory outcome.

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ATO, NALI/NALE

Hint of NALE enforcement given

ATO NALE private binding ruling

Two private binding rulings issued by the ATO in the past six months have hinted at how the NALE rules for general expenses will be applied.

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ASIC, ATO, Auditing, Compliance & Regulation

Record number of auditors referred to ASIC

ASIC ATO SMSF auditors referral

The number of referrals of auditors to ASIC by the ATO has climbed to its highest level in five years due to concerns about independence and evidence gathering.

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ATO

Determinations may have errors

ATO SMSF release determination error

SMSF practitioners and their clients should check ATO determinations allowing the release of money from the fund for errors before taking any action.

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ATO, NALI/NALE, Tax

NALI interest ruling overturned

NALI interest income AAT

The AAT has ruled interest derived from a complex lending arrangement established by an SMSF trustee was not NALI despite the arrangements being at non-arm’s length.

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