Categories | ATO

Latest AAT decision on regulation of approved SMSF auditors: Townshend and ASIC

By Bryce Figot on 04/12/2023 in ATO, SMSF cases & decisions, SMSF compliance, SMSF strategy, Taxation, Trustee education

Ms Janette Townshend was an approved SMSF auditor. However, in 2022 ASIC disqualified her. She applied for the AAT to review ASIC’s decision to disqualify her. The AAT recently handed down the outcome of that application. I do a lot of work with approved SMSF auditors. Accordingly, I read the decision with great interest. Here [read more]

Businesman show TAX for Individual income tax return form online for tax payment concept

University of Adelaide Report highlights numerous concerns with taxing $3M+ member super balances

By Daniel Butler on 10/11/2023 in ATO, SMSF compliance, Statistics, Taxation

A recent report by University of Adelaide’s International Centre for Financial Services (Report), issued in October 2023, has raised numerous concerns on the proposed new Division 296 tax. The proposed 15% tax on taxable superannuation earnings on superannuation fund member’s with more than $3 million in total superannuation balance (TSB) is set to commence from [read more]

Choice, default and stapled funds — what’s this all about?

By Daniel Butler on 18/10/2023 in Announcements, ATO, Contributions, SMSF compliance

On 13 September 2023, Treasury Laws Amendment (Support for Small Business and Charities and Other Measures) Bill 2023 (Cth) was introduced into the House of Representatives (NALE Bill). The NALE Bill provide guidance on changes to the non-arm’s length expense (NALE) provisions introduced in s 295-550(1)(b) and (c) of the Income Tax Assessment Act 1997 [read more]

Recent case law on UPEs and Div 7A – what should you tell clients?

By Shaun Backhaus on 17/10/2023 in ATO, SMSF cases & decisions, Taxation, Trustee education

Critical new ATO webpage — ALL SMSF auditors must pay close attention

By Bryce Figot on 05/09/2023 in ATO, Audit, Licensing, SMSF compliance

Should an approved SMSF auditor be conducting a title search for each title for each year? A new page on the ATO website provides an ATO view that might shock many approved SMSF auditors. However, this view does not shock DBA Lawyers. DBA Lawyers has been aware of it for some time. DBA Lawyers has [read more]

New service to help SMSF auditors prepare for ATO/ASIC audit

By Bryce Figot on 01/09/2023 in ATO, Audit, Licensing, SMSF compliance

DBA Lawyers has significant experience advising and representing approved SMSF auditors who are being audited by the ATO or who have been referred to ASIC. The ATO has an approach of auditing and reviewing approved SMSF auditors. If the ATO is not satisfied, they may refer the approved SMSF auditor to ASIC. ASIC then has [read more]

Street Sign the Direction Way to Pleasant versus Nasty

Firms providing discounted SMSF services to staff need an appropriate discount policy ASAP

By William Fettes on 31/08/2023 in ATO, Corporate trustees, SMSF compliance, Trustee education

It is critical that firms providing discounted SMSF services to staff, including partners, shareholders and office holders, take action as soon as practicable to ensure they have an appropriate discount policy in place. If a firm’s discount policy is not in line with the ATO’s position in Law Companion Ruling LCR 2021/2, this is likely [read more]

How the NALI provisions and the CGT provisions interact: draft ATO determination provides important guidance (TD 2023/D1)

By Daniel Butler on 25/08/2023 in ATO, Corporate trustees, SMSF cases & decisions, SMSF compliance, SMSF strategy, Taxation, Trustee education

There has been uncertainty as to how the following two provisions interact: (1) the non-arm’s length income (NALI) provisions in s 295‑550 of the Income Tax Assessment Act 1997 (Cth) (ITAA 1997); and (2) the Capital Gains Tax (CGT) provisions in s 102‑5 of the ITAA 1997. The ATO has recently released Draft Taxation Determination TD 2023/D1. [read more]

Legal document Independent Contractor Agreement on paper close up.

Payroll tax crackdown on professional structures such as medical, healthcare and similar arrangements — Part 5

By Bryce Figot on 24/08/2023 in ATO, SMSF cases & decisions, Taxation

Overview We have previously issued four prior articles linked to this series focusing on the employee versus contractor distinction. In our article ‘Employee or contractor — Payroll Tax considerations — Part 3’ dated 30 September 2022 (DBA Payroll Tax Article – Part 3) we provided a top-level summary of how the payroll tax regime applies [read more]

New SMSF case demonstrates how not to have non-arm’s length income

By Bryce Figot on 16/08/2023 in ATO, Audit, Corporate trustees, SMSF cases & decisions, SMSF compliance, SMSF strategy, Taxation, Trustee education

A recent AAT decision illustrates the sorts of evidence that might be necessary in order for an SMSF to not have non-arm’s length income (NALI). Accordingly, advisers working with SMSFs should pay close attention to this decision and the evidence that an SMSF should collect and retain. The decision is BPFN and Commissioner of Taxation [read more]

1 2 … 18 Next →

Top Navigation

Navigation