Home » Law and Legal Articles » Self-managed Superfunds Policy Compliance Tightened By Australian Tax Office
Self-managed Superfunds Policy Compliance Tightened By Australian Tax Office
The Australian Taxation Office (ATO) has warned self-managed super funds (SMSFs) they shall be made non-compliant if they make substantial breaches on the rules.
SYDNEY, AUSTRALIA, October 04, 2011 /Law and Legal PR News/ -- Self managed superannuation funds face firm action from the ATO over non-compliance, according to Commissioner of Taxation, Michael D'Ascenzo.
The ATO has emphasised it will continue to work with SMSFs to improve genuine problems. However, the 2011-2012 ATO compliance program emphasises compliance activity will be increased in the following areas:
• Newly registered funds and funds lodging their first annual return;
• Auditor contravention reports;
• Related party investments;
• Exempt current pension income and non-arm's length income; and
• Re-reporting of contributions and compliance with excess contributions tax release authorities.
David Saul, Director of Saul CA, an accounting firm specialising in SMSF auditing, says this emphasises the importance of engaging specialist SMSF auditors who audit super funds at arm's length and ensure compliance.
"The role of an approved auditor is to perform a financial and compliance audit of the operations of the self managed super fund," explains Mr Saul. "The auditor must be fully independent and operate at arm's length to the fund."
Self-managed superannuation funds must operate in compliance with a number of rules and regulations set out by the ATO, as well as other Australian legislation. Saul CA is one of the top 100 auditors approved by the ATO, which complete more than 30% of all SMSF audits in Australia.
"Because we've built expertise in the area of SMSF auditing, we have knowledge and contacts that allow us to give strategic advice and carefully untangle problems that others can't." says Mr Saul.
"That's why we often act as a sounding board for accounting firms that are concerned with general SMSF compliance issues. Together we can address issues or potential problems before they arise."
Mr Saul is a long-standing member of the Self-Managed Super Fund Association of Australia Limited (SPAA), the peak body for SMSF professionals, and was one of the first in Australia to achieve the SMSF Specialist Advisor accreditation from SPAA.
Saul CA provides a wide range of accounting, taxation and business services, specialising in SMSF audits. With over 15 years of experience, the firm's expertise in SMSF grew out of recognising a need within the Australian market for superannuation advisory and auditing expertise combined with accounting experience, thus becoming the specialist SMSF auditors.
Visit http://www.saulca.com.au for more information.
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Press Release Contact Information:
David Saul
Saul Chartered Accountants
N/A
Level 14, Lumley House, 309 Kent Street
Sydney, NSW
AU 2000
Voice: 02 9248 0129
Website: Visit Our Website |
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