Category: Blog
COVID-19: determination on SMSF in-house assets finalised
The ATO has finalised a legislative instrument that excludes certain assets of self-managed superannuation funds (SMSFs) from being in-house assets in response to COVID-19. The Self Managed Superannuation Funds (COVID-19 Rental income deferrals – In-house Asset Exclusion) Determination 2020 pro..Read More
Draft data and payment standard for SMSF rollovers
The ATO has issued a draft legislative instrument requiring self-managed superannuation funds (SMSFs) to send and receive rollover information and payments using SuperStream from 31 March 2021. The draft instrument amends the Superannuation Data and Payment Standards 2012 (F2016C01040) (F2016C0..Read More
Your Future, Your Super package
The government has released exposure draft materials for public consultation to implement measures in the Your Future, Your Super package of reforms announced in the 2020–21 Budget. The exposure draft legislation includes amendments for the following: Single default account — The draft..Read More
45 days reporting requirement for SMSFs
As part of package of miscellaneous amendments, Treasury are consulting on a measure which proposes that trustees of SMSFs finalise their accounts and statements 45 days prior to the lodgement due date of their annual return. The proposed draft regulation would, from the 2020-21 financial year on..Read More
2020 SMSF annual return due date
The ATO has reminded that self-managed super funds (SMSFs) unable to meet their lodgment date should obtain a deferral before the due date. An SMSF that is more than two weeks overdue on any annual return and has not requested a deferral will receive a status on the Super Fund Lookup of “Regula..Read More
ATO transitional compliance approach to non-arm’s length expenditure for SMSF auditors
The ATO has clarified that self-managed super funds (SMSF) auditors do not need to modify their independent auditor’s report (IAR) for the 2018-19, 2019-20 and 2020-21 income years regarding non-arm’s length expenditure incurred by a fund of a general nature. Practical Compliance Guideline P..Read More
ATO practice statement on SMSF penalties
ATO officers will consider various factors including voluntary disclosure, seriousness of a contravention and actions taken to rectify it, when deciding on remission of penalties imposed on self-managed superannuation fund (SMSF) trustees, under guidance in Law Administration Practice Statement PS..Read More
COVID-19: no penalties in absence of valuation evidence for SMSF assets
The ATO will not impose penalties if it is satisfied that SMSF trustees find it difficult to obtain the required valuation evidence for fund assets due to the impacts of COVID-19. Auditors should however consider the need to modify Part B of their audit report and lodge an Auditor/actuary contrav..Read More
ATO compliance approach to in-house SMSF audits
SMSF auditors have until 1 July 2021 to ensure their firms comply with the requirements of restructured APES 110 Code of Ethics for Professional Accountants (including Independence Standards). The Code and the updated Independence Guide indicate that for in-house audits of SMSFs, the practice o..Read More
ATO clarification on reporting and paying death benefit rollovers
The Commissioner has clarified how superannuation funds should report death benefit rollovers, in light of the recent retrospective legislative changes to the treatment of the untaxed element of death benefit superannuation lump sums . The Commissioner has set out how funds should report death ..Read More