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ATO concerned about $200 SMSF audits
Related party transactions and the funnelling of personal services income into super continue to be issues of concern with respect to self-managed superannuation funds (SMSFs), according to the Commissioner for Taxation, Chris Jordan.
Speaking on a panel during the SMSF Association national conference in Adelaide, Jordan said he was concerned that the message with respect to related party transactions such as loans from a fund was still not being understood by those with an SMSF.
The Taxation Commissioner also raised concerns about people seeking to funnel personal services income into superannuation funds and said it was something that was under scrutiny by the Australian Taxation Office (ATO).
Jordan also raised questions about some SMSF audit practices, particularly those companies advertising $200 online audit services that did not require physical interactions with the SMSFs concerned.
"How can you possibly make money out of a $200 audit?" He asked.
"That is the concern."
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