What's on the superannuation radar for 2013?

The Australia Taxation Office has released their Compliance Program identifying the hot issues in superannuation for 2013.

The Commissioner of Taxation will be focusing on the trustees of self managed superannuation funds and, in particular, their compliance with:

• income tax reporting requirements with an emphasis on exempt current pension income and non arm's length transactions; and
• ensuring a condition of release has been satisfied before releasing superannuation benefits.

Hot on the ATO radar will also be:

• employers' compliance with their superannuation guarantee obligations including phoenix activity;
• reporting requirements including the lodgement of annual returns and the accuracy of information being reported;