ATO scrutinising re-reporting
The Australian Taxation Office (ATO) has signalled it will be taking a close look at the rules around life superannuation capital gains tax and excess contributions tax.
The ATO's Assistant Commissioner, superannuation, Stuart Forsyth told last week's Small Independent Super Funds Association forum there was concern that in some cases the lifetime super capital gains tax cap was being used incorrectly or inappropriately to exclude amounts from the non-concessional tax.
"This is an area that we will be looking at closely," he said.
Forsyth told the forum that breaches of the excess contributions tax rules would continue to be a priority for the ATO.
"We've identified and taken action on a number of cases of inappropriate re-reporting of contributions information by self-managed superannuation funds (SMSFs) that have led to a reduction of an individual's ECT liability," he said.
"This is an area that we'll continue to focus on this year," Forsyth said.
The Assistant Commissioner said the ATO planned to undertake 100 reviews of SMSF re-reporting in the current financial year.
AUTHOR
Mike Taylor
Recommended for you
AMP is to launch a digital advice service to provide retirement advice to members of its AMP Super Fund, in partnership with Bravura Solutions.
Unveiling its performance for the calendar year 2024, AMP has noted a “careful” investment in bitcoin futures proved beneficial for its superannuation members.
SuperRatings has shared the median estimated return for balanced superannuation funds for the calendar year 2024, finding the year achieved “strong and consistent positive” returns.
The second tranche of DBFO reforms has received strong support from superannuation funds and insurers, with a new class of advisers aimed to support Australians with their retirement planning.
