News – SMSFs be aware – ATO to increase audits of self-managed super funds – be ready!

News – SMSFs be aware – ATO to increase audits of self-managed super funds – be ready!

News – SMSFs be aware – ATO to increase audits of self-managed super funds – be ready!

Self-managed super fund (SMSF) trustees are responsible for the running of their super funds and ensuring their compliance status. The ATO has announced in an industry briefing that it will increase it’s audits of over 15,000 SMSFs, with a focus on tax and regulatory compliance. I searched the ATO site but could not find any info uploaded about the briefing yet. Here is a selection of news reports that explain further.

17 July 2013 | SPAA Media Release ATO monitoring highlights need for SMSFs to get quality advice  
The need for trustees of self managed super funds (SMSFs) to get professional advice has never been more important following the announcement by the Australian Taxation Office (ATO) to increase its monitoring of the sector. In its Compliance in Focus briefing delivered to the industry this week, the ATO said it intended to increase audits of SMSF trustees for both their regulatory and income tax compliance.  The ATO expects to audit 1,100 funds for income tax compliance and 15,100 funds for regulatory compliance in 2013-14. The SMSF Professionals Association of Australia (SPAA) Senior Manager, Technical & Policy, Jordan George, says: “It is critical SMSF trustees are aware that their running of their SMSF will be under even greater scrutiny going forward…In this environment, SMSF trustees need to ask themselves are they getting the best possible advice and if they aren’t is it worth risking their fund’s complying status? Being made non-complying can severely damage trustees’ retirement plans as their fund loses its superannuation tax concessions.” READ MORE

A Staff Reporter at Investor Daily reported –
The SMSF Professionals’ Association of Australia (SPAA) has warned SMSF trustees will be facing increased compliance scrutiny, following an industry briefing from the Australian Tax Office (ATO) earlier this week. In a ‘Compliance in Focus’ briefing on Monday, the ATO announced its intentions to increase audits of SMSF trustees in the 2013/2014 financial year for both their regulatory and income tax compliance, according to SPAA. The ATO expects to audit 1,100 funds for income tax compliance and 15,100 funds for regulatory compliance. There will be a specific focus on prohibited loans, related party transactions, SMSF return lodgement and funds with a history of non-compliance. READ MORE

And Kate Kachor, Financial Observer writes –
The tax office will review more than 15,000 self-managed superannuation funds (SMSF) to determine whether they comply with regulatory and tax obligations. The Australian Taxation Office (ATO) signalled its intention to examine the funds in a compliance update. “We continue to focus on self-managed super funds that misuse the concessional tax environment deliberately or unintentionally,” the ATO said in the update, dated 16 July. As part of the review, the ATO will closely inspect 15,100 funds to ensure they comply with regulatory obligations. It will also review 1100 SMSFs to check they comply with income tax obligations. The ATO said it would also review 160 approved auditors. “Last financial year, we reviewed more than 9000 funds, raising $16.4 million and made 132 funds non-compliant due to serious breaches of their obligations,” it said. The Tax Office in March emphasised it was focusing on audit quality from approved auditors of SMSFs. READ MORE

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