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

Advertisements

About SuperBenefitnews

Self-Managed Superannuation Service Providers in Australia. SuperBenefit will SET UP your SMSF and provide investment education for a better result. We take care of all your administration, accounting, ATO lodgement and audit of SMSFs, working with you and your advisors. If you want advice we can arrange one of our recommended advisors and accountants to meet with you, as we do not give advice, but take instruction only. Take control of your super, including property shares and other assets. Learn how to be your own advisor - make better decisions - by being mentored and coached to invest your own super wisely and strategically by qualified partners. Book to come to an event to find out more, or - Call us 0407 361 596, no obligation FREE strategy call.
This entry was posted in SMSF Info, News & Stats, Super Tax, Superannuation General and tagged , , , , , . Bookmark the permalink.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s