The ATO has become aware of people in some suburban areas of major cities attempting to encourage others to illegally access their super early (generally for a fee) to help them to purchase a car, to pay debts, to take a holiday, or to provide money to family overseas in need. The ATO advises ..
The ATO has reminded members of SMSFs that they will be able to use their voluntary super contributions to assist with buying their first home, or to make a contribution into their super from the proceeds of the sale of their main residence (under changes passed by Parliament in December 2017). ..
The ATO is currently reviewing arrangements where individuals (at, or approaching, retirement age) purport to divert their personal services income to an SMSF, so that the income is taxed concessionally (or exempt from tax) in the fund, rather than being subject to tax at the individual’s margin ..
The ATO has launched a new project called 'Super Scheme Smart', an initiative aimed at educating individuals about the potential pitfalls of 'retirement planning schemes', to keep them safe from risking their retirement nest egg. According to the ATO, individuals most at risk are those approach ..
From 1 July 2011, SMSF investments in collectables and personal-use assets have been subject to stricter rules than SMSF investments in other assets (such as shares and property). However, SMSFs that already had investments in such assets before 1 July 2011 were given five years to comply wi ..
An SMSF cannot be registered if no assets are held. Therefore: If a member expects to receive a rollover, transfer or contributions in the near future, an SMSF can be established with a nominal amount (for example, $10). Once an ABN is issued, a bank account can be opened and the $10 deposite ..
With the 30 June 2015 deadline fast approaching for medium to large employers to be SuperStream compliant, the ATO is urging these employers to act now to ensure they are SuperStream ready. Editor: For 'small employers' with 19 or fewer employees, SuperStream starts from 1 July 2015 and they hav ..
In a recent speech, an ATO Deputy Commissioner emphasised how important it was for trustees of SMSFs to have a plan in place for the succession and control of the SMSF on the death or incapacity of members who are trustees (or directors of the corporate trustee). He said that other document ..
From 1 July 2014, an SMSF can generally only provide an insured benefit for a member that is consistent with one of the following conditions of release of a member's superannuation benefits: death; terminal medical condition; permanent incapacity (causing the member to permanently c ..
The ATO has announced the following changes to the superannuation contributions caps. Concessional contributions cap These include: - employer contributions (including those under a salary sacrifice arrangement); and - personal contributions claimed as a tax deduction by ..
- ATO watching for foreign income this Tax Time
- "Outrageous" deductions rejected
- ATO guidance regarding incorrect ENCC determinations
- The ATO hits the road
- Motor vehicle registries data matching program protocol
- ATO guidance regarding 'downsizer contributions'
- ATO Updates
- Company loans to shareholders under review
- Scammers impersonating tax agents
- Expansion of the TPRS