Category: Blog
Guideline on non-arm’s length expenditure for super funds
Practical Compliance Guideline PCG 2020/5 sets out the ATO’s transitional compliance approach to amendments to s 295-550 of ITAA 1997 relating to non-arm's length expenditure of complying superannuation entities. This transitional compliance approach does not apply where the fund incurred no..Read More
Guidance on deducting super contributions via small business clearing house
Practical Compliance Guideline PCG 2020/6 sets out the ATO’s approach to the timing of income tax deductions for superannuation contributions made through the Small Business Superannuation Clearing House (SBSCH). This approach does not apply to contributions made through a clearing house othe..Read More
Super regs on work test and spouse contributions
A legislative instrument has been made to increase the age at which the work test applies and the cut-off age for spouse contributions for superannuation, with the changes applying to contributions made from 1 July 2020. The Superannuation Legislation Amendment (2020 Measures No 1) Regulations ..Read More
ATO requiring acknowledged notice of intent for 2019 personal superannuation contribution deductions
The ATO has recently written to around 25,000 individuals, and their registered tax agents, who claimed a personal superannuation contribution deduction in their 2019 tax return, and details of an acknowledged notice of intent has not been reported by their fund via the Member Account Transaction Se..Read More
Defence amendment (miscellaneous measures) Bill now law
A Bill enabling former Australian Defence Force (ADF) members, who have provided at least 12 months of service, to continue to make contributions to their ADF Super accounts has become law. The Defence Legislation Amendment (Miscellaneous Measures) Bill 2020 received assent as Act No 45 of 2020 on..Read More
SMSF compliance tips for 2020 financial year
There is no doubt that additional emphasis was being placed on the annual SMSF compliance before Covid-19 and you need to be prepared for more extensive requirements from fund auditors going forward for you to be able to complete the work we do to satisfy the ATO and best practice. Not all the requ..Read More
New approved form for SMSF independent auditor’s report from 1 July 2019
The ATO has made changes to the approved form of the Self-managed super fund independent auditor’s report (IAR) effective for reporting periods starting on or after 1 July 2019. The report replaces the previous IAR that applied to reporting periods starting on or after 1 July 2016. Auditors may us..Read More
Intermediary LRBAs — legislative instrument finalised
The ATO has finalised the Superannuation Industry (Supervision) In-house Asset Determination — Intermediary Limited Recourse Borrowing Arrangement Determination 2020 following stakeholder consultation. The instrument excludes an investment by a self-managed super fund (SMSF) in a related trust fr..Read More
COVID-19: Super guarantee amnesty
The ATO has advised that employers affected by COVID-19 should apply for superannuation guarantee amnesty by 7 September 2020, even where they are concerned that, as a result of COVID-19, they will not be able to pay the liability. The ATO will work with employers to establish a flexible payment ..Read More
ATO on SMSFs providing rent relief during COVID-19
The ATO has indicated in its FAQs for SMSFs that it will not take compliance action against or penalise SMSFs that contravene the sole purpose test or in-house asset rules when providing rental relief to a related party due to the impact of COVID-19. SMSF auditors will therefore not need to repo..Read More