ATO – Compliance Programme Focus Attention on Largest SMSFs

FreeDigitalPhotos.net

ATO – Compliance Programme Focus Attention on Largest SMSFs

The Australian Taxation Office (ATO) will be turning its attention, for the first time, to the activities of the largest Self-Managed Superannuation Funds (SMSFs) as part of the regulator’s compliance program for the 2013 financial year. Click Here for MORE

Specifically the ATO site says:

This year, the focus of our compliance activity will be on:

  • New trustees, to ensure they can operate their SMSF and are not seeking to illegally access their retirement benefits;
  • Lodgement of fund annual returns to improve timeliness and also, in the case of new funds, to ensure they are entitled to receive their notice of compliance;
  • Irregularities in exempt current pension income and non arm’s length transactions;
  • Re-reporting of contributions and compliance with excess contributions tax release authorities;
  • Breaches of trustee obligations reported to us by approved auditors.

Where trustees have committed less serious breaches in their obligations, we work with them to rectify and unwind transactions so that the fund can continue to operate legitimately. In more serious cases we take firmer action, including imposing penalties, making funds non-complying (with the loss of concessional tax treatment), disqualification of trustees and prosecution.

“For the first time we will run a program focused on the largest SMSFs to check they are meeting their regulatory and tax obligations.” ATO Assistant Commissioner Superannuation Stuart Forsyth told delegates at the Small Independent Super Funds Association SMSF Forum in Brisbane on Friday. The driving force behind the new initiative is to confirm how some of the largest asset balances within the SMSF sector actually came about. As Darin Tyson-Chan of Investor Daily reports READ MORE

Advertisements

About SuperBenefitnews

Self-Managed Superannuation Service Providers in Australia. 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. 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. Call us 0407 361 596, no obligation FREE Connection call to see how we can help you!
This entry was posted in Super Law & Compliance 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