ATO to continue action against dividend washing

The ATO has announced that it is proceeding with action against dividend washing, which the ATO considers to be one of the emerging risks for SMSFs. Previously the ATO had revealed that in March 2014 3,000 letters had been sent to taxpayers who the ATO suspected of being involved in a dividend washing arrangement. Of these 3,000 original… Continue reading ATO to continue action against dividend washing

Dividend Washing for double franking credits & SMSFs

Concern by two successive governments over dividend washing by SMSFs and other taxpayers has lead to two consultation processes, many announcement and now legislation which some have argued has increased complexity and created issues of retrospective legislation. What is Dividend Washing? A dividend washing scheme was described in a recent speech by Matt Bambrick, Assistant ATO… Continue reading Dividend Washing for double franking credits & SMSFs

ATO points to emerging risks for SMSFs

The ATO Assistant Commissioner with responsibility for SMSFs, Matt Bambrick, has highlighted emerging risks that concern the ATO in the SMSF sector. The speech, Update from the ATO on recent compliance activity, areas of concern with SMSFs and the ATOs future priorities, was given to the CPA Learn from the Masters SMSF Conference and Expo 2014. SMSF… Continue reading ATO points to emerging risks for SMSFs