SMSF asset valuations, ATO provides COVID-19 concessions. Every year, trustees of SMSFs have to ensure that the fund’s assets contained in the financial statements and accounts are at market value for the associated audit.
ATO will be expanding the work of the Tax Avoidance Taskforce with a new program focusing on high wealth private groups. That segment encompasses approximately 9,000 individuals and 18,000 companies.
Businesses wanting to participate in the Federal Government’s post-COVID-19 economic recovery projects need to be aware that they may need to obtain a statement of tax record (STR) from the ATO prior to the commencement of any tender process.
COVID-19 has turned lives upside down on a global scale, with one unintended side-effect being the drastic restriction of movement across borders.
In a recent regulator bulletin outlining ATO’s concerns about new and emerging arrangements that pose potential risks to SMSF trustees and their members, the development of real property was highlighted as a main issue.
Previously, it was thought that any benefit provided directly or indirectly to members or related parties of an SMSF from an investment would contravene the sole purpose test. However, a Full Federal Court decision has reframed the sole purpose test which will provide some flexibility to trustees on certain investments.