SMSF – ATO compliance focus for trustees

Sign Tax Form SMSF ATO compliance focus for trustees

Tax Compliance

The ATO has advised that it has three major  focus areas for its SMSF trustee compliance program:

  1. non or late  lodgements  (not lodging can result in the fund being made non-complying or the trustees being prosecuted);
  2. compliance breaches without an auditor contravention report (ACR); and
  3. unrectified ACRs (i.e., where the auditor reports a breach of the superannuation law that the trustees fail to rectify), and SMSF trustees making the same breaches the ATO has previously addressed with them.

In addition, the ATO is focusing on:

  1. related-party investments including lending to members;
  2. breaches of the 5% in-house asset limit;
  3. exempt current pension income and  non-arm’s length income; 
  4. ACRs lodged for SMSFs that are under 15 months old; and
  5. funds breaching the borrowing restrictions.

About SuperBenefitnews

Self-Managed Superannuation Service Providers in Australia. SuperBenefit provides a wholistic SMSF assistance, education and administration service continuum - 1. “assistance” is help of whatsoever nature where our overall SMSF experience and knowledge enables us to provide assistance/help without any legal (or “license”) limitations. 2. “education” involves providing knowledge through teaching, coaching and mentoring about all matters SMSF, including (but not limited to) investment issues such as equities and property, 3. “administration” encompasses all admin aspects of legally required SMSF trustee and member record keeping including (but not limited to) audit and ATO matters. In keeping with our key point that SuperBenefit does not provide Financial Advice, where issues arise from 1, 2, and/or 3 above Indicate a need for a legally authorized provider (such as a Financial Adviser) and the client does not have their own service provider, the client can utilize SuperBenefit’s ‘Connect Assist’ … SuperBenefit, in itself, does not provide Financial Advice, but it does provide the wherewithal for great SMSF service. WE do not provide Financial Advice or any other service that requires a legally authorized provider. However, where such advice or service is required we have our ‘Connect Assist’, a SuperBenefit resource we use to connect clients to a Licensed Advisor or other legally authorised service provider. Call us 0407 361 596, no obligation FREE Connection call to see how we can help you!
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