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The best time for an SMSF to make a voluntary disclosure to the ATO is now

Penalties on SMSF trustees to increase substantially, so definitely time to change to a corporate trustee

By on 10/07/2023 in ATO, Audit, Corporate trustees, SMSF compliance, SMSF strategy, Taxation, Trustee education

Introduction With the penalty unit increasing from $275 to $313 from 1 July 2023, SMSFs need to be extremely careful as this results in most administrative penalties increasing from $16,500 (ie, 60 penalty units x $275) to $18,780 (ie, 60 penalty units x $313). This article discusses administrative penalties under s 166 of the Superannuation Industry [read more]

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SMSFs and voluntary disclosure to the ATO

By on 23/06/2023 in ATO, Audit, Corporate trustees, SMSF compliance, SMSF strategy, Trustee education

This article provides important background context on why SMSF trustees may wish to consider using the ATO’s early engagement and voluntary disclosure service to notify the ATO regarding contraventions of the Superannuation Industry (Supervision) Act 1993 (SISA) or Superannuation Industry (Supervision) Regulations 1994 (SISR). There are significant advantages that can result from making a voluntary [read more]

Taxpayer-Alert

Webinar on SMSFs and property development … What to know about the ATO’s new Taxpayer Alert

By on 16/06/2023 in Announcements, ATO, Audit, DBA News

On Friday 23 June 2023, DBA Lawyers is presenting a webinar on the recently issued ATO Taxpayer Alert TA 2023/2 discussing diverting profits of a property development project to a self managed superannuation fund, through the use of a special purpose vehicle. The ATO set out various concerns. This Taxpayer Alert is relevant for ALL [read more]

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What is a ‘non-commutable life pension’? Can an SMSF ever pay one? New AAT decision provides critical guidance

By on 08/05/2023 in ATO, Audit, Corporate trustees, Pensions, SMSF cases & decisions, SMSF compliance, Taxation

There is a provision in the Superannuation Industry (Supervision) Regulations 1994 (Cth) (SISR) that on its face appears to allow a person of any age to receive their preserved benefits. More specifically, item 108 of sch 1 to the SISR appears to provide that even preserved benefits may be paid to a superannuation fund member [read more]

The best time for an SMSF to make a voluntary disclosure to the ATO is now

Penalties on SMSF trustees to increase substantially, so definitely time to change to a corporate trustee

By on 18/11/2022 in ATO, Audit, Corporate trustees, SMSF compliance, SMSF strategy, Taxation, Trustee education

Introduction With the penalty unit increasing from $222 to $275 from 1 July 2023 (~24%), and therefore the typical administrative penalty imposed on SMSFs under s 166 of the Superannuation Industry (Supervision) Act 1993 (Cth) of 60 penalty units increasing to $16,500 (ie, 60 x $275; in increase from $13,320 being 60 x $222), SMSFs [read more]

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Coming clean with the regulator – The SMSFAdviser Show

By on 17/11/2022 in ATO, Audit, Corporate trustees, Podcast, SMSF compliance, SMSF strategy, Taxation, Trustee education

    In this podcast with the SMSFAdviser Show, Daniel Butler, Director of DBA Lawyers, provides tips and insights on guiding SMSF clients through the ATO’s early engagement and voluntary disclosure service. With contraventions on the rise, big penalties that can be imposed and the ATO undertaking more reviews, Dan explains the types of circumstances [read more]

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AAT decision on personal deductible contributions

By on 22/01/2022 in ATO, Audit, SMSF cases & decisions, SMSF compliance, Taxation

The AAT decision of Khanna and Commissioner of Taxation [2022] AATA 33 serves as a timely reminder regarding personal deductible superannuation contributions. The taxpayer (Mohan Lal Khanna) made $9,600 of personal superannuation contributions to his superannuation fund during the 2018-19 income year. Shortly after the end of the 2018-19 income year (on 3 July 2019) [read more]

The proportioning rule is key to many super strategies

The proportioning rule is key to many super strategies

By on 01/12/2020 in Audit, Contributions, Investments, Pensions, SMSF compliance, SMSF strategy, Taxation, Trustee education

Introduction The proportioning rule is used to calculate the tax free and taxable components of a superannuation benefit. Having a sound understanding of this rule is key to many super strategies. Overview –– proportioning rule The proportioning rule provides that the tax free and taxable components of a superannuation benefit are taken to be paid [read more]

PS LA 2020/3 — how the ATO applies administrative penalties on SMSF trustees/directors

PS LA 2020/3 — how the ATO applies administrative penalties on SMSF trustees/directors

By on 02/11/2020 in Announcements, ATO, Audit, Taxation, Trustee education

Introduction The ATO recently published Law Administration Practice Statement PS LA 2020/3 to guide ATO staff on how to apply administrative penalties. This provides the methodology on how ATO case officers make determinations on imposing and remitting penalties for contraventions under s 166 of the Superannuation Industry (Supervision) Act 1993 (Cth) (‘SISA’). The ATO’s view is [read more]