News : ATO

ATO, Compliance & Regulation

ABR updated to allow six-member funds

ABR six member

Updates to the Australian Business Register (ABR) to allow the creation of six-member SMSFs are complete and will replace an interim process offered by the ATO.

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ATO, Tax

ATO’s NALE position finalised

NALE nexus income

The ATO has released its final ruling on the treatment of NALE and will continue to view the expenses as having a nexus to all of a super fund’s income.

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ATO, Superannuation

SuperStream-ready services identified

SuperStream ATO

The SMSF digital service providers that are already SuperStream ready have been named by the ATO.

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ATO, Superannuation

SuperStream start date set

SuperStream rollover

SMSF trustees and planners are being advised by the ATO to prepare for the SuperStream rollover changes set to apply from 1 October.

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ATO, Compliance & Regulation

New valuation guidelines released

SMSF asset valuation

The ATO has updated its SMSF asset valuation guidelines, but has reminded trustees and auditors of the need to have accurate information.

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ATO

SMSF rollover alerts introduced

ATO rollover alert

The ATO has added an SMSF alert service to SuperStream that will notify members when a rollover has occurred.

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ATO

ATO fixes Super Fund Lookup error

ATO super fund lookup

An anomaly with the ATO’s Super Fund Lookup service that resulted in a number of SMSFs losing their complying status in error has now been rectified.

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ATO, Strategy

Delayed allocations not Part IVA

Contributions reserves Part IVA

The use of contributions reserves has a very low probability of having the ATO consider it a tax avoidance arrangement.

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ATO

ATO alert system updated

ATO SMSF alert system

The ATO has expanded the email and text message alert system it uses to notify SMSF trustees when changes take place within their fund.

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ATO, Documentation

Missing details most common SAR error

SMSF annual returns errors

Missing bank and auditor details have been identified as common errors made by SMSF trustees lodging annual returns, according to the ATO.

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