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SMSFs under compliance spotlight
The trustees of a number of self-managed superannuation funds can expect to be contacted by both the Australian Taxation Office (ATO) and the Australian Prudential Regulation Authority (APRA) over the coming weeks to ensure they are actually compliant.
The ATO announced this week that it will be moving on the issue following a review of its records which suggest that some self-managed funds no longer fall within the definition of an SMSF.
The ATO said that its records suggested that some funds were now non-compliant because they had more than four members, while others might be non-compliant because of the status of their trusteeships.
People will know whether their funds are under scrutiny because the ATO has said it will be contacting trustees and tax agents that are authorised representatives of SMSFs by telephone requesting that they complete and return Superannuation Entities — Change of Details documentation within 14 days.
Funds that do not respond by the due date will be referred to APRA which will then consider appropriate action.
AUTHOR
Mike Taylor
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