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SMSFs facing issues with TTRs
The Australian Taxation Office (ATO) appears to have been surprised by the number of self-managed superannuation funds (SMSFs) involved in the provision of transition to retirement pensions, according to specialist SMSF service provider, SUPERCentral.
The company has pointed to the fact that the ATO Commissioner responsible for the SMSF segment had recently commented that the ATO had been "surprised by the number of SMSFs which are currently providing pensions - typically transition to retirement pensions - when the applicable trust deed neither contemplates nor permits the trustee to pay such pensions".
It said that the Assistant Commissioner had warned that a key element of the SMSF compliance program for the next 12 months would be on "out of date" trust deeds.
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