SMSF
ATO clarifies downsizer guidelines as contributions rise
The ATO has clarified the guidelines around making downsizer contributions to superannuation, noting the measures have been popular among female retirees in particular.
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AAT rejects trustee’s bid to blame accountant
An SMSF trustee, who sought to blame her accountant for a number of compliance breaches, including the release of funds for inappropriate personal transactions, has had h...
ATO penalty disclosures criticised with comparisons drawn to the robo-debt scandal
The way the ATO is currently dealing with SMSF compliance breaches is extremely distressing to trustees and could lead to mental health issues similar to the Centrelink r...
Advisers warned on superannuation advice fees scrutiny
With APRA’s review into advice fees and the sole purpose test likely to have implications for SMSFs, advisers may need to restructure the way they charge clients to pre...
Advisers with SMSFs warned on NALI changes
A major SMSF service provider has warned that changes to non-arm’s length income (NALI) rules included in the government’s recently reintroduced superannuation bill a...
ATO releases decision impact statement on early access to super case
The ATO has published a decision impact statement on a decision by the Administrative Appeals Tribunal which found the ATO should have used its discretion to exclude supe...
ATO overhauls disclosure of SMSF admin penalties
The ATO is reshaping the way it discloses headline administrative penalties to SMSF trustees so that amounts which may be remitted are provided alongside the strict calcu...
Tax Office releases ‘welcome guidance’ on death benefit income streams
The ATO has provided guidance on what action SMSF trustees should take where they have failed to meet the minimum pension payment requirements for a death benefit income ...
Over 50,000 SMSFs contacted in late-lodgment crackdown
The Tax Office has written to over 50,000 SMSFs over the past year in relation to overdue lodgements, warning them its next step will be to impose failure to lodge (FTL) ...
ATO reveals ‘very concerning’ number of misused auditor numbers
Over 600 tax practitioners have either deliberately or mistakenly misused an SMSF auditor number, with the ATO detecting over a thousand instances of potential fraud.
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SMSFs turn towards accountants ahead of planners
The number of SMSFs using an accountant has seen a substantial rise in recent years, with the use of financial planners largely unchanged, a recent research report has sh...
Court sentences adviser to 10 years’ imprisonment for stealing client SMSF funds
Theft and other dishonesty offences in connection with clients’ SMSF accounts have landed a former financial adviser to 10 years in jail.
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