ATO cracks down on late lodgers

The Australian Taxation Office has sent out of reminder to SMSF trustees that new rules apply to late lodgment of annual returns next month. From October 1, if an SMSF is more than two weeks overdue on any annual return…

Single-asset SMSFs on notice

The Australian Taxation Office will contact more that 17,000 self-managed super fund trustees and their auditors, where the SMSF is holding 90 per cent or more of its funds in one asset or a single asset class. The ATO says…

Getting home downsizing right

Q: We have recently retired and are planning to sell our family home for something smaller. We are thinking of using the home downsizer scheme to top up our super but have heard there are a few traps for the…

Tax time scam alert

The Australian Cyber Security Centre (ACSC) Stay Smart Online site has issued a warning that it is seeing a surge in scammers impersonating myGov and the Australian Taxation Office and asking for money or personal details. The ACSC says scams…

SMSFs trustees must act quickly on death benefits

The Australian Taxation Office has issued a reminder to trustees of self-managed super funds about the need to deal with death benefits expediently. It says errors are common. When an SMSF member dies, the SMSF generally plays a death benefit…

You can run with your HELP debt, but you can’t hide from it

The tax office has warned it will track down Australian expatriates who have stopped paying their student loans while overseas and make them pay up under new rules. The Australian Taxation Office has enlisted the help of the Department of…

ATO system changes will capture LMITO entitlements

The tax office has moved to avert an administrative nightmare for tax payers who have already lodged their tax returns and risked missing out on the new tax offsets. The ATO released a statement on Friday saying it was implementing…

Q&A

Q: I am expecting to receive a tax benefit under the low to middle income tax offset the Government legislated last week. Is an offset the same as a deduction? Does the tax benefit work in the same way? A:…

Good intentions not enough, says AAT

Self-managed super fund trustees who breach the rules and end up in trouble with the ATO may not get a second chance, as a recent Administrative Appeals Tribunal case shows. In a ruling on an appeal over a trustee’s disqualification,…

ATO alerts SMSFs to reporting changes

The tax office has alerted SMSF trustees to a number of changes to annual return reporting requirements. LRBAs. Trustees must report any outstanding loan balances for all limited recourse borrowing arrangement for each member of the fund. The ATO has…