POWERED BY MOMENTUM MEDIA
Tax Office looks harder at SMSFs
The Australian Taxation Office (ATO) has signalled its intention to significantly increase its compliance checks on self-managed superannuation funds, including the introduction of a compliance verification program similar to that used to administer the Goods and Services Tax (GST).
The Commissioner of Taxation, Michael D’Ascenio, told a Sydney conference that his office planned to increase its active compliance resources to 590 employees and increase compliance checks of self-managed superannuation funds and approved auditors.
“For new self-managed superannuation funds, we will be introducing a compliance program along the lines of the GST advisory visits to establish positive behaviour early in the lifecycle of the fund,” he said.
The Tax Commissioner said the ATO had removed complying status from 12 funds last year and that four funds had lost their status this year.
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
92.15 3 y p.a(%)
2
Global X 21Shares Bitcoin ETF
53.24 3 y p.a(%)
3
Global X GlobalX FANG+ ETF
43.15 3 y p.a(%)
4
DomaCom Shoreline North Coogee
36.26 3 y p.a(%)
5
GAM LSA Private Shares AU I
35.87 3 y p.a(%)
