ATO Targets Self Managed Superannuation Fund’s (SMSF’s)

Beware, the ATO’s current focus is on ensuring that SMSF’s are complying with the SIS Act and Regulations. The ATO are scrutinizing the following: 1. Individuals who have SMSF’s with poor personal tax lodgement history. 2. Individuals with SMSF’s that have little or no income. 3. SMSF’s with overdue Annual returns. 4. Breaches reported in by the auditor of the SMSF that have not been rectified. 5. SMSF’s that have significant changes in assets and income without obvious reasons. 6. Non-commercial related party investments and transactions. 7. Non compliance with the pension rules. 8. Claiming tax deductions when the SMSF is in pension stage. Remember that breaches to a SMSF can make the fund non compliant. Also significant new administration penalties were introduced effective from the 1 July 2014. If you feel that your SMSF may have a compliance issue please attend to rectifying the issue as soon as possible. Do not ignore the problem as the probability of an ATO audit will increase and the administrative penalties are prohibitive. Should you require assistance with your Self Managed Superannuation Fund please contact Peter Quinn by submitting an online enquiry or calling us on +61 2 9580 9166 to book an obligation free appointment. The information in this document does not take into account your personal objectives, financial situation or needs and so you should consider its appropriateness having regard to these factors before acting on it. It is important that your personal circumstances are taken into account before making any financial decision and it is recommended that you seek assistance from your financial adviser.