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Tax office acts on 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 the Deputy Commissioner of Taxation, Raelene Vivian to a SMSF conference in Sydney last week.
While the Commissioner for Taxation, Michael D’Ascenzo had a day earlier issued a general warning to SMSF trustees, his deputy commissioner went in much harder outline in clear detail precisely how the ATO had dealt with recalcitrant SMSFs.
As well noting the enforceable undertakings measures, Vivian said that the tax office had wound up 13 funds and had disqualified 15 trustees while six funds had been non-complying with a further seven being considered for similar action.
And while D’Ascenzo remarked upon the ATO contacting 4,000 people regarding early access to superannuation, Vivian said that the tax office had commenced 1,200 audits on 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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