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SMSF Updates

ATO SMSF Compliance program 2012-13
29 Aug, 2012

In 2012/13 financial year, the focus of ATO SMSF compliance activity will be on:

  • new trustees, to ensure they can operate their SMSF and are not seeking to illegally access their retirement benefits
  • lodgment of fund annual returns to improve timeliness and also, in the case of new funds, to ensure they are entitled to receive their notice of compliance
  • irregularities in exempt current pension income and non arm’s length transactions
  • re-reporting of contributions and compliance with excess contributions tax release authorities
  • breaches of trustee obligations reported to us by approved auditors.

For the first time ATO will run a program focused on the largest SMSFs to check they are meeting their obligations. In 2012-13, ATO  will be analysing the top 200 SMSFs based on total assets, and based on our analysis of their tax and regulatory risk ATO will select 25 SMSFs for a comprehensive audit.

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