ATO SMSF SMS notification system now live

The ATO’s system for notifying SMSF trustees about changes to their SMSF is now live. SMSF trustees will now be notified, by text or email, when details of their SMSF held by the ATO are changed. The notifications will cover changes to the financial institution account details, electronic service address, authorised contact, or members of… Continue reading ATO SMSF SMS notification system now live

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ATO working on end of year SBSCH tax deduction concession

The ATO is proposing a compliance concession for employers claiming a tax deduction for super contributions made through the Small Business Superannuation Clearing House (SBSCH) late in the financial year. Under an a currently draft Practical Compliance Guideline PCG 2019/D8 the ATO has proposed new rules for when employer contributions have to be made in… Continue reading ATO working on end of year SBSCH tax deduction concession

ATO to contact SMSFs without unique bank account

The ATO will be contacting SMSFs that don’t have a unique bank account for their fund in November, asking for bank account details. The tax office announced that it would be contacting SMSFs without a unique bank account for superannuation payment in November, and will ask them to update their fund’s bank account details. The… Continue reading ATO to contact SMSFs without unique bank account

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ATO adds employer contributions feature to MyGov for SMSF members

SMSF members will have greater visibility of superannuation transactions, with the ATO adding features to ATO online via MyGov. “Greater visibility of super will help Australians have more control over their retirement savings, including the ability to identify if their super is not being paid,” said the ATO. SMSF members will be able to see… Continue reading ATO adds employer contributions feature to MyGov for SMSF members

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End of financial year best time to take stock of super: ATO

The ATO is encouraging Australians to use the end of the financial year to take stock of their superannuation, and commit to growing their retirement savings. ATO Assistant Commissioner Graham Whyte said the end of the financial year is the best time to check on superannuation. “It’s so easy to take a few moments to… Continue reading End of financial year best time to take stock of super: ATO

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ATO targeting tens of thousands of late and non-lodging SMSFs

The ATO is targeting the tens of thousands of SMSFs it has identified as late in lodging their SMSF Annual Return, or having never lodged at all. Dana Fleming, ATO Assistant Commissioner for Superannuation, told the SMSF Association National Conference that the ATO had identified 64,000 ‘lapsed lodgers’ and just under 30,000 ‘never lodger’ SMSFs.… Continue reading ATO targeting tens of thousands of late and non-lodging SMSFs

ATO issues alert on share ex-div date structured arrangements

The ATO warned it is reviewing certain structured arrangements that involve the transfer of shares around the shares’ ex-dividend date. “We are concerned these arrangements involve taxpayers inappropriately receiving franking credits in breach of rules designed to maintain the integrity of the imputation system,” said the ATO. According to Taxpayer Alert (TA) 2018/1: The arrangements… Continue reading ATO issues alert on share ex-div date structured arrangements

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ATO to not impose some FTL on time penalties following IT issues

The ATO has announced that it will not be imposing Failure To Lodge (FTL) on time penalties for some reporting obligations, following from recent IT issues. The ATO said it acknowledges the affect that “our systems incidents” have had. “We know you have been inconvenienced and need space to catch up without the need to… Continue reading ATO to not impose some FTL on time penalties following IT issues

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ATO apologises to super industry for IT outage, says lessons being learned

The ATO Commissioner has apologised to the superannuation industry, among others, for recent IT outages. With the release of the ATO systems report, the Commissioner said: “We are very mindful of the disruption that the outages caused the community and our key stakeholders – tax practitioners, the superannuation industry and software providers – and I… Continue reading ATO apologises to super industry for IT outage, says lessons being learned

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ATO to be flexible on compliance with death benefit cashing rules: PCG 2017/6

The ATO will take a flexible compliance approach to industry practice around the cashing of superannuation death benefits prior to 1 July 2017. The impending introduction of the Transfer Balance Cap has highlighted an issue with the treatment of superannuation death benefits, which the ATO has addressed in Practical Compliance Guideline 2017/6 superannuation reform: commutation… Continue reading ATO to be flexible on compliance with death benefit cashing rules: PCG 2017/6