This entry was posted on Sunday, September 21st, 2008 at 4:23 pm and is filed under Auditing, Self Managed Super, Superannuation, Tax Office Alerts. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.
The ATO is concerned that many new SMSF trustees are unfamiliar with their duties and obligations under the Superannuation Industry Supervisition Act.
In its recent publication, Completing the Auditor/Actuary Contravention Report, it has stated that: From July 1 2008, all superfund auditors must now report EVERY BREACH (regardless of its size, nature or status) for every self managed superannuation fund that is less than 15 months old.
Presumably, the Tax Office will focus on the activities of new trustees and ensure that they are meeting their obligations. If you have recently a new self managed fund please expect additional attention from your superfund auditor (us) and from the Tax Office.
We strongly recommend every trustee familiarise themselves with the ATO’s guide book for trustees, DIY Super- its your money …but not yet!
If you have any questions, please do any of the following:
- Contact the ATO on their superfund hotline, 13 10 20
- Ask your financial adviser or fund administrator
- Ask a representative body, such as Taxpayers Australia
- Contact us on 9246 9055
Leave a Reply
You must be logged in to post a comment.
