More SMSFs will be made non-compliant

October 2012

In a recent speech, the Assistant Commissioner for Superannuation, Stuart Forsyth said, "On time SMSF lodgment rates sit at 74%.  The overall lodgment rate is just over 92%.  This is not good enough and we will consider making some SMSFs noncomplying."

In the same speech Mr Forsyth also pointed out that funds were often misreporting non-arms length income, noting that the transaction of assets must be reported on a commercial arm's length basis.  He also dropped the tax office's successful litigation record in this area and warned that there is more to come.

The full speech can be seen on the ATO website.

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Last updated October 2012. This article is provided for information purposes only and should not be used in place of advice from your accountant. Please contact us on 02 9957 4033 to discuss your specific circumstances.