ATO urges action on key compliance issues
The ATO has outlined a number of key events that SMSFs should be prepared for over the coming months.
In a communication with SMSF Adviser, the ATO noted that the SuperStream compliance deadline for small businesses has been extended to 28 October 2016.
While many SMSFs that are in receipt of contributions from unrelated employers are already SuperStream compliant, and have a proper electronic service address, it is important that any SMSFs which “have yet to obtain an electronic service address should immediately do so”, the tax office said.
“You can get an electronic service address from an SMSF messaging provider or through your SMSF administrator, tax agent, accountant or bank,” the ATO said.
“Many of these options are no cost or low cost and the ATO website provides a list of these providers.”
The ATO also reminded SMSF trustees and practitioners that the SMSF collectible and personal use assets became fully effective on 1 July 2016, with the end of the transition period for grandfathered assets.
“If your SMSF holds artwork, antiques, coins, or other collectibles, then you need to be aware of and have complied with the new rules regarding storage and insurance,” said the ATO.
The deadline for restructuring LRBAs with non-arm’s length arrangements has also been extended. SMSFs now have until 31 January 2017 to restructure their arrangements within the safe harbour terms to avoid the application of non-arm’s length income provisions.
“Any SMSF with an LRBA in place that doesn’t conform to the ATO’s guidance on this matter should be considering and taking action to ensure that relevant arrangements can be restructured by 31 January 2017,” the ATO said.
Miranda Brownlee is the deputy editor of SMSF Adviser, which is the leading source of news, strategy and educational content for professionals working in the SMSF sector.
Since joining the team in 2014, Miranda has been responsible for breaking some of the biggest superannuation stories in Australia, and has reported extensively on technical strategy and legislative updates. Miranda has also directed SMSF Adviser's print publication for several years.
Miranda also has broad business and financial services reporting experience, having written for titles including Investor Daily, ifa and Accountants Daily.