ATO sets its sights on SMSFs


Self Managed Superannuation Fund

ATO sets its sights on SMSFs

The Australian Taxation Office (ATO) has unveiled a new program for the 2012-13 financial year that will put the spotlight firmly on Self-Managed Superannuation Funds (SMSFs).  According to the ATO’s Compliance Program 2012-13, the Tax Office will look at the 200 largest SMSFs by total assets and then subject 25 of them to a comprehensive audit “based on our analysis of their tax and regulatory risk”. The ATO will also be looking closely at SMSFs that fail to lodge on time. Trustees who are late in lodging their returns may have to pay interest on outstanding tax and could face prosecution, according to the Tax Office. As reported by Tim Stewart, Money Management READ MORE


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