SMSF compliance level

SMSF compliance level

At a compliance level, the ATO says that it is focusing on:

• engaging with new trustees to ensure they can operate their SMSF and are not seeking illegal early access to their retirement benefits;
• ensuring that trustees understand their obligations and that, although their tax agent or accountant will assist trustees to meet their obligations, they themselves are the ones who are accountable;
• ensuring annual returns are lodged, and lodged on time (all SMSFs with two or more years of overdue lodgments will have their regulation details removed from Super Fund Lookup, potentially affecting rollovers from APRA funds, and employer contributions);
• for new funds, whether they are entitled to receive their notice of compliance;
• reviewing irregularities in exempt current pension income and non arm’s-length transactions;
• re-reporting of contributions and compliance with excess contributions tax release authorities; arrangements involving holiday travel claimed as investment expenses by SMSF trustees; and
• every fund reported to it by approved SMSF auditors.  The ATO wants to make those trustees more fully aware of their obligations and ensure the contraventions are dealt with appropriately.

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