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

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

The ATO has released a guide to assist SMSF trustees in winding up their funds and is encouraging them to plan ahead for this event.

The ATO will streamline the transfer balance account reporting period from 1 July 2023 and reduce the timeframe for SMSFs.

The ATO will continue its practice of not deploying compliance resources to address non-arm’s length expenditure breaches of a general nature.

ATO figures show the regulator’s risk assessment action over the past couple of years has protected over $270 million of retirement savings.