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ATO cautions accountants on SMSFs
The Australian Taxation Office (ATO) has expressed concern at the continuing use of the term “do-it-yourself super” when referring to self-managed superannuation, arguing that it can serve to conjure up inappropriate images.
The ATO’s deputy commissioner responsible for superannuation, , told an accountancy seminar last month that the term “do-it-yourself super” tended to conjure up the image of “a product you can buy off the shelf, follow the direction at the back of the pack, and a well-funded retirement will be yours.
“I think we all know that this is not the case,” he said. “We see enough examples of non-compliance to suggest that a lot more care, understanding of responsibilities and attention to detail is required than some trustees seem to appreciate.”
Jackson pointed to the continuing growth in the number of self-managed superannuation funds, saying they were still being established at a rate in excess of 2,000 a month — something that represented a significant business opportunity for accountants.
“However, I would put it to you that along with the benefits such a burgeoning business sector offers you and your colleagues, there is a responsibility to ensure your clients are aware of their regulatory and legislative obligations,” he said.
Jackson said that full regulatory compliance did not itself ensure that a self-managed fund would be a profitable exercise.
AUTHOR
Mike Taylor
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