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.
"We have been using Haslam Consulting and Accounting for over seven years to look after our bookkeeping. We have found their serive to be outstanding on both a professional and cost effective level. Having our accountant do bookkeeping increases their understanding of our business and frees up our time to work on growing the business." Craig Lloyd, Director Craig Lloyd Painting Services
Phone: 1300 427 526
Address: 15 Melway Crescent
HARRISTOWN QLD 4350,
If you buy an asset by 30 June and it costs less than $20,000, you can write off the business portion in your 2018 tax return.
Are you running behind on employee superannuation payments?
If so, you’re in luck.
Kelly O’Dwyer, Minister for Revenue and Financial Services, has just announced a Superannuation Guarantee Amnesty.
You have 12 months to get your unpaid super in order.