ATO spells out it approach to SMSF reserves

The Australian Taxation Office has spelled out its approach to dealing with reserves in self-managed super funds, saying “events likely to attract close scrutiny” include any unexplained increase in new reserves, increases in the balances of existing reserves or allocation…

ATO gets tough on SMSF reserves

The Australian Taxation Office has reiterated a warning it issued last year about the use of reserves in SMSFs and foreshadowed a compliance program to monitor their use. The ATO is concerned that trustees may be using reserve accounts in…

ATO keeping a sharp eye on reserves in SMSFs

The Australian Taxation Office has cautioned trustees of self-managed super funds against using reserve accounts in their funds to try and get around the restrictions introduced with the new super rules on July 1. James O’Halloran, the ATO’s deputy commissioner,…