There are many important issues and considerations for SMSFs in the current economic landscape and we were fortunate that CEO, Aaron Dunn was joined by the ATO’s Acting Assistant Commissioner for SMSFs, Steve Keating to discuss what’s ahead for SMSFs in 2020-21.
In this live event, Aaron explores the following topics with Steve:
- The ATO’s response for SMSFs on COVID-19 related matters including rent relief, LRBA loan relief, early release of super and more;
- Changes to the SMSF Annual Return and auditor requirements as a result of the COVID-19 measures;
- Insights from the SMSF statistical overview including changes to how benefit payments are taken post 1 July 2017 measures, breakdown of costs for SMSFs and continued approach by the Regulator towards investment strategies;
- Release of PCG 2020/6 and an update on the ATO’s approach to the non-arm’s length expenditure (NALE) requirements;
- How the ATO is responding to the update of APES 110 on dealing with auditor independence, in particular where an SMSF auditor cannot audit an SMSF where the auditor, their staff or their firm has prepared the financial statements for the SMSF unless it is a routine or mechanical service.
- Recent release of ATO guidance including SMSFRB 2020/1 on property development and Commissioner’s change in approach to dealing with compliance and enforcement action;
- TBAR lodgement update including key concerns with SMSFs from the Regulator with reporting; and
- Other key messages from the Assistant Commissioner to support professionals and trustees.