ARTICLE · 20 OCTOBER 2011

ATO focus on self-managed superannuation funds (SMSFs)

Moore Australia

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The key focus areas for the ATO in 2011/12 include the cash economy, work related deductions and SMSFs.

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By Moore Stephens Australia

The ATO has released its 'Compliance Program 2011/12' outlining key focus areas attracting its attention for the coming year.

They have a range of measures in place to detect and deal with those who evade their obligations, including working across government agencies and the use of overseas networks.

Their key focus areas this year include the cash economy, work related deductions and self-managed superannuation funds (SMSFs).

While the ATO "will continue to work with SMSFs to fix genuine problems", they state they may also take firm action, including making funds non-complying, if they commit serious breaches of the rules.

Editor: If a superannuation fund is made 'non-complying', it will effectively be taxed on the value of its assets at 46.5%, plus their income will also be taxed at 46.5% going forward.

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