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Are you complying with SMSF legislation?

Thursday, April 16, 2015

The ATO has recently approached SMSF trustees in regards to unlawful arrangements of SMSF funds.

One area that the ATO is currently targeting is the practice of depositing SMSF funds into trusts or pooled investment trusts, without a management fee. The funds are then used to obtain a personal or business related mortgage, which is against SMSF regulations, as it effectively makes use of SMSF funds for members’ current-day benefits.

Using SMSF funds for any current day benefits is breaching SMSF legislation, as funds should solely be used for the purpose of benefiting members in retirement.

Industries currently screened for super compliance

In general super news, the ATO is currently cracking down on the following industries, as they are identified as having a higher risk of not meeting their super obligations:

  1. Child care services;
  2. Building and industrial cleaning; and
  3. Pubs, bars and taverns.

From July 2015 the ATO will be undertaking audits of employers who continue to not meet super obligations for their employees.

Note that directors of companies that are required to pay Superannuation Guarantee (SG) for their employees may be personally liable for any unpaid or unreported SG Charge liabilities of their companies.

Download the complete ATO list

See a full list of ATO crackdown areas, including:

  • Work-related expenses
  • Rental property expenses
  • Cash economy industries
  • Contractors
  • As well as information on:

  • Eligibility for net medical expenses tax offset
  • Contractor payment data matching program


are you complying with SMSF legislation?

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