SMSF related party rental income deferrals
SMSF related party rental income deferrals due to COVID‑19 The ATO has made a determination to ensure that trustees of SMSFs do not inadvertently breach the ‘in-house asset rules’. This applies to a situation where the fund allows a related party to defer the payment of rent under a lease agreement (on arm’s length terms) […]
Bushfire crisis response
The ATO’s Bushfire crisis response In response to the devastating bushfires across large parts of Australia, the ATO has been keen to advise those impacted that it understands peoples priority is their family and community. If taxpayers live in one of the identified impacted postcodes, the ATO will automatically defer any lodgments or payments, meaning […]
Lifestyle assets continue to be an ATO audit target
Lifestyle assets targeted The ATO has revealed it will request a further five years’ worth of policy information from over 30 insurance companies about taxpayers who own marine vessels, thoroughbred horses, fine art, high-value motor vehicles and aircraft. The ATO expects to receive information about assets owned by around 350,000 taxpayers from 2016 to 2020 […]
SMS for SMSF
ATO to email, SMS SMSF changes In the interests of protecting self-managed super fund (SMSF) members and their retirement savings from fraud and misconduct, the ATO has announced it will send out an email and/or a text message via an SMS when changes are made, including updates to the SMSF financial details or member information. […]
Late SMSF annual returns to change Super Lookup ‘status
Super Lookup ‘status’ will change if SMSF annual returns are late The ATO considers the lodgement of an SMSF’s annual return on time to be a fundamental part of an SMSF trustee’s obligations. Consequently, from 1 October 2019, if an SMSF is more than two weeks overdue on any annual return lodgement due date and […]
Data matching cryptocurrency
Cryptocurrency data matching program The ATO is collecting bulk records from Australian cryptocurrency designated service providers (‘DSPs’) as part of a data matching program to ensure people trading in cryptocurrency are paying the right amount of tax, and correctly meeting their tax (and superannuation) obligations. The ATO will collect data from cryptocurrency DSPs to identify […]
WA SMSF and Accounting Awards 2018
Perth’s Omnis Group shortlisted for 4 industry awards Perth’s Justin Flavel and Omnis Group are officially in the running to take home four awards at the prestigious self-managed super and accounting event of the year. Omnis Group has been shortlisted as Finalists in three categories at the state-based 2018 SMSF and Accounting Awards, in partnership […]
Super housing measures
What the super housing measures mean for SMSFs The ATO has reminded members of SMSFs that they will be able to use their voluntary super contributions to assist with buying their first home, or to make a contribution into their super from the proceeds of the sale of their main residence (under changes passed by […]
Key points from Budget 2018
How will the Budget affect you? This year’s Federal Budget is an ‘election budget’ with tax cuts for all Australians that will be funded by the Government’s higher than expected revenue. All-in-all, changes to super were fairly limited in the Budget, with the Government focused on preventing the erosion of super funds with small balances. […]
SMSF Assist changes
SMSF Assist website to close The SMSF Assist website will no longer be accessible from July 2018. The ATO will soon close their SMSF Assist website, as its function has been superseded by the advances made on the main website, ato.gov.au. Self-managed super fund (SMSF) trustees and professionals can use ato.gov.au as their central source of information for […]
