News : ATO

ATO

Work test can be officially monitored

superannuation work test

The ATO has the ability to determine if people over the age of 66 who have made personal super contributions have satisfied the required work test.

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ATO

Super Fund Lookup revised

Super Fund Lookup ATO

A new procedure is now being applied to newly established SMSFs and how the ATO reflects their status on the Super Fund Lookup website.

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ATO

SMSF COVID relief being considered

financial relief COVID-19

The ATO is looking to implement relief measures for SMSFs suffering financial hardship in the current round of COVID-19 lockdowns.

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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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