ATO

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… Read More »ATO issues alert on share ex-div date structured arrangements

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… Read More »ATO apologises to super industry for IT outage, says lessons being learned

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

SMSF property development and joint ventures an emerging issue for ATO

SMSFs being involved in property development and business ventures, including as part of a joint venture, is an emerging issue identified by the ATO. “We have found a small number of cases recently whereby SMSFs have become either directly or indirectly involved in business undertakings, commonly property development enterprises,” said… Read More »SMSF property development and joint ventures an emerging issue for ATO

SMSFs may have to start reporting more frequently, says ATO

SMSFs may have to start reporting more frequently, including ‘event based reporting’, says the ATO. James O’Halloran, ATO Deputy Commissioner for superannuation, told the SMSF Association National Conference that the changes legislated in 2016 creates a need for “clearer and timelier understanding of assets and values” in SMSFs. “The current… Read More »SMSFs may have to start reporting more frequently, says ATO