ATO concerned about $200 SMSF audits
Related party transactions and th funnelling of personal services income into super continue to be issues of concern with respect to self-managed superannuation funds (SMSFs), according to the Commissioner for Taxation, Chris Jordan.
Speaking on a panel during the SMSF Association national conference in Adelaide, Jordan said he was concerned that the message with respect to related party transactions such as loans from a fund was still not being understood by those with an SMSF.
The Taxation Commissioner also raised concerns about people seeking to funnel personal services income into superannuation funds and said it was something that was under scrutiny by the Australian Taxation Office (ATO).
Jordan also raised questions about some SMSF audit practices, particularly those companies advertising $200 online audit services that did not require physical interactions with the SMSFs concerned.
"How can you possibly make money out of a $200 audit?" he asked.
"That is the concern."
Recommended for you
Treasurer Jim Chalmers has handed down his third budget, outlining the government’s macroeconomic forecasts and changes to superannuation.
Online investment adviser and fund manager Stockspot has introduced Stockspot Super, Australia’s first 'ETF only' superannuation product. superannuation product.
ASIC has called on superannuation funds to improve their oversight of advice fee deductions following an investigation of 10 trustees that found $990 million was charged in one year.
With just 30 per cent of Australians knowing their superannuation balance to the nearest $1,000, Findex has emphasised the role of financial advice in addressing the critical super knowledge gap.
