The ATO will be carefully analysing data on the commencement of pensions before 9 November 2016 to identify where documents may have been backdated in order to access relief, one mid-tier firm has cautioned.
BDO national leader of superannuation Shirley Schaefer says in order to get the capital gains tax concessions on assets, the SMSF needed to have been in pension phase by 9 November 2016.
“So if, funnily enough, everyone starts a pension on the 8th of November, I’m sure the ATO will be concerned that really you’ve gone back and backdated that documentation, rather than having actually commenced a pension,” Ms Schaefer told SMSF Adviser.
Ms Schaefer said this doesn’t mean there weren’t people who legitimately did start pensions between 1 July 2016 and 9 November 2016, but the ATO will be monitoring how many people did actually start pensions in the week before 9 November.
“You were either in pension phase then or you weren’t. It’s not really a case of, ‘Well I should have been so I will be’,” she said.
“There may be some SMSF practitioners out there who aren’t strong or insistent with clients about this sort of stuff.”
SUBSCRIBE TO THE SMSF ADVISER BULLETIN
- 08:20Data feeds unreliable for new reporting, says mid-tierBy Miranda Brownlee
- 08:00Tax component confusion spurs potential tax liabilitiesBy Miranda Brownlee
- 08:00Contributions triple in June quarter, survey showsBy Staff Reporter
- 17 Aug 2017Industry questions ATO’s capacity for new reportingBy Miranda Brownlee
- 17 Aug 2017Qld succession law changes tipped to impact SMSFsBy Miranda Brownlee
- 16 Aug 2017Contribution limits restricting future balances, warns mid-tierBy Staff Reporter
- view all
- Data feeds unreliable for new reporting, says mid-tier
With an estimated 20 per cent of SMSFs still encountering errors from data feeds, one mid-tier firm believes the ATO should allow SMSF pract...read more
- Tax component confusion spurs potential tax liabilities
A lack of understanding around taxable and non-taxable components in super funds could be exposing SMSF clients to unnecessary tax liabiliti...read more
- Contributions triple in June quarter, survey shows
The average contribution amount from SMSF trustees tripled for the June 2017 quarter, with super members looking to maximise their contribut...read more
- Industry questions ATO’s capacity for new reporting
With events-based reporting set to generate huge amounts of data, concerns have been raised about whether the ATO’s systems will be able t...read more
- view all