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Automatic consolidation of low-balance accounts

From Australian Taxation Office

From January 2014, the ATO will help super funds to auto-consolidate accounts with low balances by providing details of these accounts to members’ active funds. The information will be provided

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04 May 2012

Administrative penalties for SMSF trustees

From Australian Taxation Office

Trustees and directors of corporate trustees may have to pay an administrative penalty if their SMSF contravenes superannuation legislation. The size of the penalty will depend on the seriousness of

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30 Mar 2012

Draft SMSF Ruling – limited recourse borrowing arrangements

From Australian Taxation Office

The ATO has recently issued draft SMSF Ruling SMSFR 2011/D1 – Self Managed Superannuation Funds: limited recourse borrowing arrangements – application of key concepts. This draft ruling explains important concepts

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30 Nov 2011

478 Prosecutions: do the crime, face the consequences says ATO

From Australian Taxation Office

Acting Tax Commissioner Jennie Granger today reminded the community that the ATO is continuing its focus on those who do the wrong thing. “Those who are caught face extremely serious

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29 Nov 2011

ATO addressing cash economy

From Australian Taxation Office

One way that the ATO addresses the cash economy is through writing to taxpayers and – where identified in ATO systems – their associated tax agent representatives. In 2011-12, the ATO is sending letters

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14 Nov 2011

Self managed super funds and lending

From Australian Taxation Office

Have your clients with SMSFs loaned money from their fund? If so, remind them to make sure that the loan terms comply with the law and are in the best

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02 Sep 2011

Deferred date for new tax treatments for managed investment trusts

From Australian Taxation Office

Last year, the government announced a new tax system for managed investment trusts (MITs) that will reduce complexity, increase certainty and minimise compliance costs for MITs and their investors. In

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29 Jun 2011

The taxation of financial arrangements under TOFA rules

From Australian Taxation Office

Background to the TOFA reforms The TOFA reforms were first announced in the 1992 budget and were later taken up by the Review of Business Taxation. The review’s final report

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28 Jun 2011

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