Justsuper are able to assist trustees in meeting their Self-Managed Superannuation Fund's (SMSF's) compliance obligations.
Recent communication from the Australian Taxation Office suggests that it is planning a major crackdown on Self-Managed Superannuation Funds with its extra money and resources. It has identified SMSF's as a 'new and emerging risk' and intends to significantly increase its audit activities in relation to these funds.
The ATO will be specifically targeting the trustees and the auditors of SMSF's to ensure that tax and regulatory returns are lodged on time.
The ATO will concentrate its audit activity on what it considers high risk issues including breaches of in house asset rules, acquisitions of assets from fund members and related parties, the personal use of fund assets by members, the ownership of fund assets and potential breaching of the new contribution caps.
In summary, the ATO is moving from being in a position to educate trustees to now ensuring adherence to the rules that govern Self-Managed Superannuation Funds.
When a new SMSF is established the trustees must now sign a declaration that they are aware of and understand their obligations and responsibilities. As long as trustees are aware of their role and responsibilities and adhere to them, the ATO's increased focus on compliance should not be a concern.
Justsuper can assist trustees to ensure that they meet all reporting requirements and their roles and responsibilities as trustees.