Tag Archives: ATO Compliance

Masterclass SMSF – Year End 2014 – Preparing your Self-Managed Super Fund – Things to Watch & Action before 30 June

  As the financial year is closing again there are several things to watch and action for self-managed super (SMSF) before 30 June, such as contributing more to super within the limits (below). Generally, super contributions made by the cut-off dates … Continue reading

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Don’t Take the Risk – Tax Fraud and Super Offences get Prosecuted

  Almost 500 people were convicted for Tax Fraud and Superannuation Criminal Offences in the September quarter, resulting in $1.56 million in fines and penalties, according to the Australian Taxation Office (ATO). Project Wickenby resulted in two prosecutions, and there … Continue reading

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Auditors face new range of standards for Self-Managed Superannuation Funds

The Superannuation Laws Amendment (Capital Gains Tax Relief and other Efficiency Measures) Bill 2012 was passed yesterday, as well as new requirements that Self-Managed Superannuation Fund (SMSF) auditors will now be subject to a range of standards concerning their qualifications, … Continue reading

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SPAA Endorses the ATO as an Appropriate and Effective SMSF Regulator

  Darin Tyson-Chan in Morningstar reports -The Australian Taxation Office (ATO) is an appropriate and effective regulator of the self-managed superannuation fund (SMSF) sector and calls for greater scrutiny of the space from other industry sectors are unfounded, according to … Continue reading

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ATO New Regulation – 2012 (No. 2) Consider Insurance Needs of Members

Recent Regulations by the ATO now require Trustees to consider whether they need to hold insurance for the Members of the fund, and to review this as part of their regular Investment Strategy Obligations. The Regulation can be found at: … Continue reading

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False or Misleading Statements Which Do Not Result in a Shortfall Amount – New ATO Practice Statement PS LA 2012/4

The ATO has recently published Practice Statement PS LA 2012/4, which details how they will administer the false or misleading no-shortfall penalty. They tell us that trustees who make a false or misleading statement after 4 June 2010 may be liable for penalties, even … Continue reading

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Top SMSF Contraventions reported to the ATO

The ATO released “Self-managed super funds: A statistical overview 2009-10” earlier this year in April, and the report provides a warning of what trustees need to diligently avoid. From the Contravention page – As part of an annual audit, approved … Continue reading

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