The Australian Taxation Office (ATO) is signalling that it will again be closely monitoring developments in the superannuation sector over the coming year.
The ATO’s second commissioner, compliance, Jenny Granger, says the ATO is experiencing increasing demand for help and support from the community concerning superannuation issues.
She says the Tax Office has been “detecting some key compliance risks” such as non-compliance in self-managed super funds and also has concerns about the level of compliance with the superannuation guarantee and superannuation surcharge.
Ms Granger points to the rapid growth in self-managed superannuation and the fact it accounts for more than 21 per cent of the $560 billion invested in superannuation in Australia.
She says the ATO will continue to assist those managing self-managed superannuation funds but is now “rebalancing” this approach and will be applying a firmer hand, particularly where it believes those with the relevant responsibilities are not acting appropriately and should know better.
