ATO declares war on SMSF trustee misconduct

The Australian Taxation Office (ATO) is targeting what it says is a worrying increase in badly behaved self-managed superannuation trustees. It plans to apply harsher penalties. Speaking at the SMSF Association National Conference, Dana Fleming ATO assistant commissioner of the…

Check your auditor’s bona fides, regulator urges

The Australian Securities and Investments Commission has issued a reminder to trustees of self-managed super funds that they should check that their auditor is registered and whether there are any conditions on the registrations. ASIC’s advice comes in the wake…

ATO issues GST reminder

The Australian Taxation Office has issued a reminder to SMSF trustees that they have a GST withholding obligation if they purchase new residential property. They need to make sure they have done all the paperwork. The ATO says purchasers who…

No TBC indexation this year

Q: I read in your publication last year that the superannuation transfer balance cap would be indexed to $1.7 million this year. Is that still the case? A: No. The Australian Taxation Office has advised that the transfer balance cap…

SMSF auditors slated in ATO report card

SMSF trustees should be on high alert after only a minority of SMSF auditors came out of a regulatory review unscathed. The Australian Taxation Office (ATO) has revealed the results from its audit of 51 of the top 100 SMSF…

Transfer balance cap change ahead

The Australian Taxation Office (ATO) is alerting superannuation trustees to plan for a number of changes in regard to the indexation of the general transfer balance cap, which will be particularly important for SMSF trustees. The transfer balance cap is…

ATO reports high super contribution breach numbers

Keeping up with changes to superannuation contribution rules over the past couple of years has been a challenge for super fund members. The tax office reports that in the 2018/19 financial year it issued 192,000 determinations to people who had…

ATO gives further clarification on Aussiegolfa

The Australian Taxation Office has provided a further update on the implications of the Aussiegolfa case, confirming its view that a self-managed super fund trustee could contravene the sole purpose test by investing in a sub-fund of the DomaCom Fund…

ATO clarifies its approach to investment in DomaCom funds

Fractional property investment company DomaCom has received clarification from the Australian Taxation Office about its approach to compliance when a self-managed super fund invests in a DomaCom property sub-fund and where a related party of the SMSF may be a…