News : ATO

ATO, Tax

ATO fixes work test irregularity

Work test

An anomaly that arose from the most recent amendment to the work test has been rectified after the release of a new legislative instrument by the ATO.

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ATO

Two key SMSF actions highlighted

SMSF trustees

SMSF trustees have been reminded to check if they have any unclaimed super and if the ATO has their most recent fund bank account details.

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ATO, Business news, Documentation

Voluntary disclosure forms updated

ATO voluntary disclosure

The ATO will now require trustees to sign off on voluntary disclosure forms when reporting unrectified regulatory contraventions.

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ATO, Compliance & Regulation

Warning over asset protection schemes

asset protection schemes

The ATO has warned SMSF trustees to avoid using schemes that offer to protect assets within their fund via the use of an external trust.

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ATO, Compliance & Regulation

ATO imposes $3.4 million in fines

ATO SMSF penalties

Administrative penalties imposed on SMSF trustees by the ATO raised $3.4 million for the regulator in the 2022 income year.

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ATO, Compliance & Regulation

Two penalty unit rises in 2023

penalty units increase

The planned increase in penalty units in the budget is aimed at offsetting bad debts and will be one of two rises planned for next year.

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ATO, Financial Advice

Adviser status needs checking

SMSF adviser status

SMSF trustees have been reminded to check the status of any advice provider they use in the establishment and running of their fund.

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ATO

Few complaints over ATO actions

SMSF complaints ATO

SMSF complaints to the Tax Ombudsman complaints service regarding actions brought against them by the ATO are considerably low.

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ATO

ATO highlights COVID relief status

ATO COVID relief SMSF

A reminder has been issued by the ATO instructing SMSF trustees to recognise the COVID-19 compliance relief measures no longer apply.

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ATO

ATO trustee declaration key

SMSF trustee declaration

The importance of the ATO SMSF trustee declaration has been demonstrated by a recent case heard in the Supreme Court of NSW.

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