This year's compliance program has highlighted the importance of trustees correctly reporting the income of trusts and distribution to beneficiaries. We also have a key focus on timely lodgment and pursuing overdue trust returns.
The due date for lodging 2010 trust returns with
one or more overdue
prior year income tax returns is
31 October 2010
.
Compliance activity on overdue trust returns, including possible imposition of failure to lodge penalty can be expected.
On 21 October 2010 Taxation Commissioner Michael D'Ascenzo reminded people they can find and claim lost and unclaimed super using the free ATO online tool SuperSeeker.
On 21 October 2010 we warned self-managed super funds (SMSFs) and private companies not to invest in trusts with the intention of making funds available for lending to members or shareholders.
While we have a duty to Australia and our citizens to collect revenue, it still remains our priority to assist taxpayers according to individual circumstances and supporting those taxpayers who are doing the right thing.
If you have clients who are private company owners, under tax law they must treat privates expenses separately from company expenses. (NAT 71938-02.2008)
The arrangement outlined in Taxpayer Alert 2010/5 is where a self-managed super fund (SMSF) invests funds in an unrelated trust. The trust then on lends the funds to an SMSF member or relative of the member.
Information for Australian Prudential Regulation Authority (APRA)-regulated super funds about a new self-managed super fund (SMSF) member verification system that will provide greater transparency around super rollovers from APRA-regulated super funds into SMSFs.
Information for SMSF about a new SMSF member verification system that will provide greater transparency around super rollovers from APRA-regulated super funds into SMSFs.
This Taxpayer Alert describes an arrangement where a SMSF invests funds in an unrelated trust. The trust on lends the funds to a SMSF member/relative in an attempt to circumvent superannuation lending restrictions.
This Taxpayer Alert describes an arrangement where a private company invests funds in an unrelated trust. The trust then on lends the funds to the private company shareholder, or an associate of a shareholder, in an attempt to circumvent Division 7A.
In October 2010 Treasury released an exposure draft legislation and draft explanatory memoranda concerning changes to improve the administration of the GST law as it relates to the running balance account and non-profit sub-entities.
