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ATO keeps SMSFs on radar
The Taxation Commissioner, Michael D’Ascencio, has warned that self-managed superannuation funds remain on the Australian Taxation Office (ATO) radar despite the changes announced in the Federal Budget.
Addressing a conference in Melbourne last week, D’Ascencio said self-assessment extended to self-managed superannuation funds and that the ATO would be tailoring its activities to the level of risk a fund might represent.
“We are happy for trustees that do the right thing and are aware of their obligations to continue managing their own fund with minimal interference from us,” he said. “However, those that have difficulty keeping up with their responsibilities (given the assistance that is available to them from the Tax Office or their advisers) must ask themselves the question, ‘Is a self-managed fund right for me?’”
D’Ascencio said that at the other end of the spectrum — trustees that intentionally refused to comply with the legislation and their responsibilities, or looked to withdraw their superannuation illegally, would be on the ATO’s radar.
“Over the last few years our compliance activities around self-managed funds have been steadily increasing. In saying all this, the environment in which self-managed superannuation funds operate will be changing substantially,” he said.
“The changes announced during the May Budget will allow us to focus our work on improving overall compliance for self-managed superannuation funds, and concentrate more efforts towards the reporting and lodgement obligations of all superannuation funds,” D’Ascencio said.
AUTHOR
Mike Taylor
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