Almost 690,000 people are now members of an SMSF and on average, each fund holds around $800,000. Last year, 450 SMSFs were identified by the Tax Office as having inappropriately accessed their superannuation (that’s a big no-no). It comes as no surprise then that a priority for the Tax Office is ensuring trustees are aware of their responsibilities and that funds comply with the law.
The Commissioner has stated that the Tax Office are increasing compliance activity in this regard. This work will include ensuring funds lodge their tax returns and appoint an approved auditor in a timely fashion.
The ATO launched SMSF News last year. SMSF News is a free subscription newsletter designed to update SMSFs on technical matters and administrative obligations.
All members of SMSFs are trustees and are ultimately responsible for the running of their fund. Working with the Australian Securities and Investments Commission, the newsletter provides trustees with regular advice and guidance about investment requirements to support the ATO’s compliance approach.
Article by Christie Lewis
Christie is Practice Manager at Alan Lewis Accountants . Besides accounting, her passion is for all things small business (and blogging, of course). You can contact Christie directly at christie@lewistaxation.com.au.
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