Recent figures show that the tax office is increasing its surveillance of the SMSF sector and is taking tougher action on SMSF trustees. The ATO disqualified 585 SMSF trustees in 2014 and disqualified a further four this month for breaches of the SIS Act. By contrast, the number of disqualifications was less than 100 in 2010.
The ATO also received new powers under a recent revision to the act to slap trustees with fines for a range of offences under the act. Industry commentators have remarked that it's clear the ATO has moved from an "education model" to a stricter compliance model when it comes to self-managed super. The ATO also has access to much more information than it did previously, as well as sophisticated electronic means to find people’s assets and what names they are in.
Keeping your SMSF compliant has never been more important, which is why we offer a full-feature complete service to all our SMSF clients. If you'd like to know more about our SMSF services, please contact us.
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Haslam Consulting & Accounting is proud to announce that our Principal Brock Haslam has been shortlisted for Partner of the Year at the prestigious Australian Accounting Awards, partnered by Reckon.