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ATO Assistant Commissioner releases “report card” on SMSF sector
The Tax Office is currently homing in on a few problem areas when it comes to the SMSF sector by:
On that last matter, Assistant Commissioner for Superannuation, Matthew Bambrick, said a drop in the proportion of SMSFs that were reported to the Tax Office by approved auditors had set off alarm bells.
“We’d like to think this is because the levels of understanding and compliance in the sector have improved, but it may also simply be due to a time lag with data and we’ll get an increase later, or it could be that there has been a decrease in the effectiveness of SMSF audits,” Bambrick said.
Bambrick outlined other problem areas that seem to affect a small minority of SMSFs:
Consult this office for advice on how to comply with all your SMSF obligations and responsibilities.
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