ATO outlines main drivers of rise in contraventions
Miranda Brownlee
Heightened financial stress, an increase in new SMSFs and clearer auditing guidelines are some of the factors driving the increase in contra
Heightened financial stress, an increase in new SMSFs and clearer auditing guidelines are some of the factors driving the increase in contra
The bank has been penalised for widespread compliance failures across multiple businesses including banking, superannuation, wealth manageme
The majority of SMSF trustees are relying too heavily on SMSF professionals to fulfil their trustee compliance responsibilities, according t
The Tax Office has outlined some of its focus areas for SMSF auditors at the moment and provided an update on auditor number misuse.
The corporate regulator has taken compliance action against 19 SMSF auditors this financial year, in addition to the 18 auditors involve
A significant jump in the rate of SMSFs failing to file their first return has raised concerns about illegal early release.
A recent draft tax determination concerning the provision of financial accommodation may also have ramifications for SMSFs that receive dist
With APRA funds failing to issue SMSFs with outcome response messages in certain scenarios, the ATO says it’s working with retail super fu
SMSFs planning to use the ATO’s new temporary relief measure for SMSF rollovers should ensure they provide a record of approval to their a
The ATO has updated PCG 2016/5 to provide clarity on how the non-arm’s length income (NALI) provisions apply to loans that were previously
The ATO can apply discretion where benefits cross the line, but strict compliance is the best option.
With the three-day turnaround for SuperStream rollovers still proving difficult in many cases, one audit firm has warned there may be a sign
SMSF professionals have been reminded that the calculation of in-house asset limit is based on the gross value of the fund.
The ATO has released a new temporary measure to support funds undertaking rollovers where they’ve had trouble obtaining an electronic serv
ASIC has accepted voluntary cancellations or imposed conditions on the registration of 18 SMSF auditors who were involved in reciprocal audi
The ATO has highlighted various errors it has recently received through SuperStream messaging due to missing data and incorrect information,
Recent ATO statistics show there were 40,200 SMSF contraventions reported during the 2020-21 financial year, with contraventions relating to
The ATO has successfully appealed an AAT decision that had overturned the Commissioner of Taxation’s disqualification of a trustee of an S
The ATO has released updated guidance on SuperStream that clarifies that the SuperStream requirements do not apply to family law super spli
The ATO has urged any SMSF auditors who have not responded to its mail-out regarding SMSF auditor number misuse to check their list of compl
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