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On this episode of The nestegg Podcast, host Maja Garaca Djurdjevic and three experts discuss the ongoing NSW lockdown, the ins and outs of the COVID-19 Disaster Payments, and how Brisbane’s successful Olympics bid could impact equities and property.

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Steve Waters, director of Right Property Group, chats about the impact of the lockdowns on the property market, what the 2032 Olympics could mean for Brisbane’s market, and whether APRA might need to pull the handbrake to cool house price growth.

RMIT’s senior lecturer of finance, Dr Angel Zhong, delves into how the Olympics and other major events affect stock returns and what the implications are for investors.

And lastly, tax and super guru Timothy Munro talks about the near-record super returns, the COVID-19 Disaster Payments and what they mean for your super.

Have a question for our experts? Get in touch at [email protected] and you might get featured on the next episode.

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Late lodging SMSF trustees in ATO’s sights

By Katarina Taurian

April 07 2016
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Late lodging SMSF trustees in ATO’s sights

By Katarina Taurian
April 07 2016

The ATO remains set on cracking down on SMSFs lodging their annual returns late, with financial penalties potentially applicable.

Late lodging SMSF trustees in ATO’s sights

By Katarina Taurian

April 07 2016
Share

The ATO remains set on cracking down on SMSFs lodging their annual returns late, with financial penalties potentially applicable.

Each SMSF is required to lodge its own tax return to the ATO every year, in addition to an individual tax return.

Common and persistent issues that trigger ATO penalties are late lodgements of an SMSF’s annual return, according to Michael Hallinan, special counsel for superannuation at Townsends Business & Corporate Lawyers.

As the ATO has flagged on multiple occasions in the past and in spite of the overwhelming majority of trustees abiding by prescribed deadlines, Mr Hallinan believes the regulator remains intent on increasing on-time lodgements.

“If a fund doesn’t lodge on time, there’s [often] a real issue preventing timely lodgement, or there’s some deep problem with the trustees,” he said.

He also noted that under the ATO’s penalty regime, which came into effect in July 2014, the ATO can issue financial penalties for breaches of such obligations.

This regime allows the ATO the power to impose administration penalties on trustees for certain SIS Act breaches. In addition, the ATO has the power to direct SMSF trustees to fix a breach and direct trustees to undergo education in the event of a breach.

More broadly speaking, Mr Hallinan also noted the ATO appears keen to continue with using enforceable undertakings to deal with some minor non-compliance issues with taxpayers.

“At the moment they’re keen to ensure compliance by use of enforceable undertakings, which essentially the delinquent taxpayer undertakes to achieve certain outcomes,” Mr Hallinan said.

“I think from the ATO’s point of view, it’s an easy way of dealing with trustees [with] minor infractions as it were, as against major issues,” he said.

“This can involve an offer to undertake education directions and so forth."

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