Category: Blog
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
JobKeeper and work test super contributions
The Australian Prudential Regulation Authority (APRA) has released guidance on the interaction between JobKeeper payments and satisfying the work test. The work test provides that individuals aged 67 to 74 years must be gainfully employed on at least a part-time basis in a financial year to mak..Read More
Application period extended for temporary early access to superannuation
The Government has allowed individuals affected by the financial impacts of COVID-19 to access up to $10,000 of their superannuation in the 2019-20 income year and a further $10,000 in the 2020-21 income year on a tax-free basis. The application period for the 2020-21 income year will be extended..Read More
July 2020 version of ATO’s eSAT tool released
The electronic superannuation audit tool (eSAT) was designed to help independent approved SMSF auditors of self-managed super funds fulfil their obligations, carry out the annual compliance audit and lodge an auditor/actuary contravention report (ACR) when required. The July 2020 version includes..Read More
Early release of super for 2020-21
Individuals can now submit applications to access their superannuation early online through myGov until 11.59pm (AEST) on Thursday 24 September 2020. Eligibility criteria continue to apply and the ATO has identified behaviours of concern such as: applying when there is no change to regular..Read More