ATO Commissioner Michael D’Ascenzo launched the ATO’s new SMSF compliance program on 30 June 2011. While ATO continue to work with SMSFs to fix genuine problems, ATO also take firm action, including making funds non-complying, if they commit serious breaches of the rules. This year, ATO SMSF compliance activity will focus on:
- newly registered funds, to ensure they have not been established to provide illegal early release (IER) of super funds to their members
- funds lodging their first annual return to ensure they are entitled to receive their ‘notice of compliance’
- auditor contravention reports
- related-party investments, to ensure they are not contravening the 5% in-house asset limit or the prohibition of lending to members
- exempt current pension income and non-arm’s length income
- re-reporting of contributions and compliance with excess contributions tax release authorities.
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Auditors Melbourne