The ATO has advised that from early March 2019, the timeframe for new self-managed super funds (SMSFs) to become ‘Complying’ on Super Fund Lookup (SFLU) will be shorter. Several days after registration, you will now see the fund appear on SFLU as ‘Registered – status not determined’. A few days later, the notice of compliance…
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The ATO have provided important updated guidance for recipients of Market-Linked Pensions (MLP) as a result of an unintended consequence in the legislation that provides a nil value on commutation of the capped defined benefit income stream. In some instances, members have commuted the MLP within a SMSF post 1 July 2017 for transfer balance…
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Since transfer balance cap reporting commenced for self-managed superannuation funds (SMSFs), the Australian Taxation Office (ATO) has continued to observe a high level of re-reporting from within the SMSF sector. This is mostly in response to determinations and commutation authorities that have been issued by the ATO. In some instances, the amended reporting indicates: the…
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As trustees and practitioners work through the annual compliance work for the 2021 financial year, the Australian Taxation Office (ATO) is provided a timely reminder (QC 67071) that SMSFs need to regularly review the fund’s SMSF investment strategy to help meet their investment and retirement goals. The investment strategy is not designed to be a…
DetailsThe ATO has published a position paper for industry consultation to consider two options in respect to a SMSFs reporting obligations for events that impact a member’s transfer balance account.
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