ATO guidance on SMSF
- Investment Strategy
- The SMSFs return data in August 2019 indicated that 90% or more of the members’ retirement savings are invested in one asset or single asset class.
- The ATO has now provided guidance on what the trustees need to consider while drafting the investment strategy including: a. What should be included in the strategy, b. When & how often this must be reviewed and c. What action the ATO will take if the strategy doesn’t comply with the law.
- Top 5 errors in Annual Returns
- Bank Account not unique to the SMSF
- Incorrect Electronic Service Address
- Assets not valued at Market Value
- Attempting to lodge with NIL assets
- Lodging without Auditor details
GST – Waiver of Tax Invoice for Corporate Cards
The ATO has registered ‘GST: Waiver of Tax Invoice Requirement (Corporate Card Statements) Determination 2020’ to allow Corporate Card holders to claim GST input tax credits without holding a tax invoice in certain circumstances. The comes into effect retrospectively for all tax periods commencing after 14th August 2017.