compliance

Events based reporting: What does it mean for SMSF trustees?

The first signs of disquiet in the SMSF sector started not too far into the current income year when confirmation signs started to emerge that the ATO, for the purpose of the then recently introduced transfer balance cap, would soon require SMSF trustees to report certain events on a real-time basis. It is understood that

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ATO answers practitioners’ questions

Tax technical representatives of Tax & Super Australia recently attended an ATO open forum. The ATO stages these forums at locations around the country, and says the intent of these forums is to: hear directly from tax practitioners about matters affecting them, their practice and the broader tax professional community provide an opportunity to raise

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SMSFs: More ‘real-time’ reporting will be required soon

Along with the new transfer balance cap that is being introduced from July 1 this year, the ATO has indicated that more “events-based” reporting will be required for it to adequately deal with the evolving SMSF regime. Indications that this was a direction that SMSF trustees may be expected to take arose from the newly

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FBT year about to close, compliance blowtorch about to fire up

Practitioners should note that fringe benefits tax is firmly on the ATO’s radar screen this year. Over the past 18 months the ATO, through its FBT Taskforce, has launched several audits and reviews of employers in the SME sector. FBT year about to close, compliance blowtorch about to fire up Its compliance focus in particular

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SMSFs: Voluntary disclosure deadline for PSI payments extended

The ATO has announced that it is extending the deadline it had set for SMSF trustees to disclose any personal services income that has been diverted to their fund. The concern for the ATO, as outlined in a taxpayer alert (TA2016/6) it issued last year, is the minimising or avoidance of tax obligations that can

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