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ATO targets SMSFs
The Australian Taxation Office(ATO) has so far this year applied enforceable undertakings to over 80 self-managed superannuation funds (SMSFs), with another 100 or so in progress.
That was the bottom line message contained in a speech by deputy commissioner of taxation to a SMSF conference in Sydney.
While commissioner for taxation had a day earlier issued a general warning to SMSF trustees, his deputy commissioner went in much harder, outlining in clear detail how the ATO had dealt with recalcitrant SMSFs.
As well as noting the enforceable undertakings measures, Vivian said the ATO had wound up 13 funds and had disqualified 15 trustees, with a further six funds found to be non-complying and another seven being considered for similar action.
And while D’Ascenzo remarked that the ATO had contacted 4,000 people regarding early access to superannuation, Vivian said the tax office had commenced 1,200 audits relating to incidents of early access.
“To give you an indication of the amount of benefits accessed illegally, so far we’ve found 83 instances where there is around $732,000 in tax shortfall,” she said. “That’s an average of $8,800 per trustee.”
AUTHOR
Mike Taylor
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