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The ATO’s law companion guidelines on super changes

Ever since the ATO made its announcements about changes to the rules surrounding self-managed superannuation funds (SMSFs), not only trustees but the practitioners advising them have been very keen to get their hands on clear guidance and advice. The ATO has now come to the party, and has issued finalised law companion guidelines (LCGs). There

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ATO extends due date for 2015-16 SMSF returns

This week the ATO announced that it will extend the due date for lodgment of self-managed superannuation fund (SMSF) annual returns for 2015-16 to 30 June 2017. Deputy Commissioner James O’Halloran said the ATO has made this decision as a result of feedback received from professional and industry representatives. “We have heard that many accounting and

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The transitional CGT relief measure and your SMSF

Transitional CGT relief is temporary relief available to all super funds, not just SMSFs, for certain CGT assets that would otherwise lose the tax exemption through the necessary efforts to comply with the new transfer balance cap and new conditions to be applied to transition to retirement income streams (TRIS). Upon the introduction of the

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ATO’s approach to reviewing commutation requests: What you need to know

  In a recently released practical compliance guideline (PCG 2017/5), the ATO sets out its administration approach in relation to commutation requests. It is an essential piece of information for tax practitioners and superannuation trustees because it explains which commutation requests will not be subject to an ATO review. With the new superannuation rules taking

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SMSFs and the in-house asset rules explained

A not-uncommon conundrum for many SMSF trustees is what to do when the fund is found to have breached the in-house asset rules. There are also some common misconceptions about these regulations that keep resurfacing. What does the ATO say in relation to the in-house asset rules? Recent ATO statistics on the SMSF sector show

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