When your ‘nearest neighbour’ turns out to be Big Brother

When your ‘nearest neighbour’ turns out to be Big Brother. Although the transition to Standard Business Reporting (SBR) might be getting a lot of attention, there are several other strategic digitally-based analytics projects underway at the ATO. For example, its Smarter Data Program, which the ATO pre-empted through its document Blueprint for Change that was

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SMSFs: Your ‘safe harbour’ guidelines have been released

SMSFs: Your ‘safe harbour’ guidelines have been released. Finally, SMSF trustees can get some assurance of doing the right thing.  The ATO has released guidance on the arm’s length terms (commonly known as the “safe harbour” terms) when an SMSF acquires an asset under limited recourse borrowing arrangements (LRBAs). This has been a difficult issue

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Super savings could be available in an emergency

Severe financial hardship, terminal illness, specified compassionate reasons, permanent incapacity and other limited circumstances can serve as grounds for withdrawing pre-retirement or preserved super.  Strict rules do apply to accessing these funds. Overseen by the Department of Human Services, the “early release of superannuation” scheme allows super to be withdrawn in one or more of

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Artworks and collectibles may not be correctly accounted for, says ATO

To properly assess artworks and collectibles owned by taxpayers, the ATO says it is working with insurance companies to identify the owners of these sorts of assets. Artworks and collectibles may not be correctly accounted for, says ATO The ATO says it has identified instances where “lifestyle assets” are not being properly accounted for. It

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