Are you a trustee or member of a Self Managed Superannuation Fund [SMSF]?
At a glance: Assistant Deputy Commissioner of Taxation, Mr Ian Read, has given an overview of the Tax Office's role in helping self managed superannuation funds comply with their legal obligations.
In a recent speech, Mr Read highlighted that Self Managed Superannuation Funds are now the largest superannuation market segment, both in terms of funds and assets.Mr Read said that the Tax Office was working hard to provide the best education and advice to trustees by providing various publications for trustees of SMSF's, revamping the SMSF section on the Tax Office website and publishing public rulings, determinations and taxpayer alerts specific to the SMSF's.The Tax Office has recently issued a taxation ruling on the residency of an Australian super fund, and has sent 330 letters to trustees of SMSF's that may be at risk of not meeting the definition of an Australian super fund.
The Tax Office is increasing its SMSF compliance activities and targeting risk areas in the superannuation system such as non-arm's length transactions and failing to comply with the limits for superannuation contributions.
Remember: Please ensure you are aware of your responsibilities as trustee of an SMSF and be aware of the ATO's assistance in ensuring you comply with your legal obligations. Contact us if you require any clarification or advice.
