POWERED BY MOMENTUM MEDIA
SMSFs on ATO radar
The Taxation Commissioner, , has warned that self-managed superannuation funds remain on the AustralianTaxation Office (ATO) radar despite the changes announced in the Federal Budget.
Addressing a conference in Melbourne, D’Ascencio said self-assessment extended to self-managed superannuation funds and 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 ATO 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 effort towards the reporting and lodgement obligations of all superannuation funds,” D’Ascencio said.
AUTHOR
Mike Taylor
Recommended for you
The impact of identity theft and its threat to superannuation savings were highlighted in a case that went before the Federal Court at the end of 2023.
A recent NSW Supreme Court decision is an important reminder that while super funds may be subject to restrictive superannuation and tax laws, in essence they are still a trust and subject to equitable and common law claims, says a legal expert.
New research from the University of Adelaide has found SMSFs outperformed APRA funds by more than 4 per cent in 2021–22.
The SMSF Association has made a number of policy recommendations for the superannuation sector in its pre-budget submission to the government.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
DomaCom DFS Mortgage
74.26 3 y p.a(%)
2
Global X 21Shares Bitcoin ETF
72.60 3 y p.a(%)
3
Global X GlobalX FANG+ ETF
44.46 3 y p.a(%)
4
Pengana High Conviction Equities B
39.12 3 y p.a(%)
5
Pengana High Conviction Equities A
39.05 3 y p.a(%)
