Login
iscover
The ATO has reiterated that it is honing in on SMSFs that are not “playing by the rules” in relation to their tax planning.
ATO eyeing SMSFs in ‘aggressive’ tax arrangements
30 September 2014
•
4 minute read
Speaking to AccountantsDaily, the ATO’s assistant commissioner for superannuation Matthew Bambrick said the regulator will be looking at various “areas of concern” in addition to its standard activities of addressing auditor contravention reports and issues found in SMSF annual returns.
These include arrangements involving dividend washing, overseas seminars, home loan unit trusts and dividend stripping, Mr Bambrick said.
“We will also take a closer look at those SMSFs we think are taking undue advantage of the concessional rates of tax for complying super funds and entering aggressive tax planning arrangements,” he said.
In spite of these focus areas, Mr Bambrick said the ATO is aware that a majority of SMSFs are compliant.
“Each year we only receive auditor contravention reports for approximately two per cent of SMSFs, which tells us that almost all SMSFs are meeting their obligations,” Mr Bambrick said.
“Our aim is to keep working with trustees, auditors and other superannuation professionals to ensure easy access to the information they need, in the form they want it, and that the industry remains fair for everyone.”
You’re out of free articles for this month
To continue reading the rest of this article, please log in.
Create free account to get unlimited news articles and more!
You need to be a member to post comments. Become a member for free today!
