ATO poised to ramp up focus on key compliance area

Warning about SMSF compliance and the ATO. 

 

 

With 8 per cent of funds failing to meet their lodgement obligations for the last two years at least, the ATO is set to up its compliance focus on non-lodgement in FY2018-19.

Approximately 46,000 funds have failed to meet their reporting obligations for two or more years.

Following contact from the tax office, a small percentage of funds have taken action to bring their reporting and lodgements up-to-date.

With those funds that are unresponsive, the ATO’s actions include facilitating their exit from the sector.

“The failure of SMSFs to lodge annual returns concerns us because there is not visibility or transparency about whether or not relevant SMSFs have satisfied their regulatory and income tax obligation,” an ATO spokesperson told SMSF Adviser.

“This means that individual members’ retirement savings may be at risk due to regulatory irregularities, and moreover the ATO is also not able to fulfil the regulatory role it is statutorily commissioned to do in relation to those funds,” the spokesperson said.                                                                                                  

“We will be further heightening our focus on SMSF annual return non-lodgement in 2017-18. SMSF trustees and professionals aware of funds with outstanding annual return lodgements are strongly encouraged to engage with us and work with us to bring outstanding lodgements up to date.

“Those SMSFs who do not take steps to bring their lodgements up-to-date may face the possibility of disqualification of trustees and/or the fund being made non-complying.”


KATARINA TAURIAN
Monday, 22 May 2017
www.smsfadviser.com

 

Any advice contained in this website is of a general nature only and does not take into account your circumstances or needs. You must decide if this information is suitable to your personal situation or seek advice.

Rolanda has been my financial adviser for 20 years. I have always found her to be highly intelligent, knowledgeable and professional in her career. Rolanda is accessible at all times and patiently explains terms that I do not fully understand. I can highly recommend Rolanda and it is a pleasure to do so. I do this with the utmost confidence. Marcia Montgomery (Retiree – home duties and ex-clerk with Water Board)
I retired Oct 2012, and seeking Financial Advice for my retirement funds, I decided to have Rolanda look after my financial affairs, and so happy I did. Since my retirement I am extremely comfortable with Rolanda’s advice, experience and strategies and the returns on my investments. Rolanda is my "Breath of Fresh Air" at this stage of my life and she makes herself available 24/7 should you need to talk with her. Steve Hoad (Ground Engineer, Qantas)
In 1997 I left Energy Australia and decided to join Rolanda Adams Financial Services for the financial support and advice that I would need into the future. That decision has proved a very good one and I am still with Rolanda who has given me advice and friendship over those many years. The advice given has ensured that my investments have been protected and the major losses, of some, during the GFC was not felt by me unduly. Rolanda and her team are very easy to contact at any time and one is always received in a most professional manner. I would be most happy to recommend Rolanda Adams Financial Services to all who need financial services. Graham Fleeton (Manager, Property Insurance Group Energy Australia (Ausgrid))
Rolanda has been my Adviser for the past 18 years. Through her wide industry experience and professional expertise she has ensured the sound development and ongoing management of my investments. Her advice has invariably been sound, timely and entirely tuned to meet my personal needs in retirement. She has a friendly, engaging manner and is always readily available to address any of my concerns. I have no hesitation in recommending her. Neil O'Keeffe (Chief Inspector (retired), Australian Customs Service)

© 2019 Rolanda Adams Financial Services Pty Ltd. All rights reserved. Site by PlannerWeb.