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.
"When I was working in Australia I had no idea what I was doing when it came to my taxes or finance, Brock and his team helped me so much, after a while i understood what I needed to do and they even did it for me, they explained everything in a no nonsense manner." David Dixon-Angélil
Phone: 1300 427 526
Address: 15 Melway Crescent
HARRISTOWN QLD 4350,
Look out! The ATO may have you in their sights.
The ATO is on the hunt for people getting their work-related expenses wrong this 2018 tax time.
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