SMSF trustees warned on compliance
Self-managed superannuation fund (SMSF) trustees have been warned that the Australian Taxation Office(ATO) will be adopting a tougher approach to compliance issues this year and that they will need to be prepared. The warning has come from accounting data and services supplier BankLink and been backed by the Self Managed Funds Professional Association (SPAA), which has urged trustees to ensure they have the right tools to meet the ATO’s requirements.
SPAA chief executive Andrea Slattery said trustees would be foolish to underestimate the ATO’s threat of stricter regulatory supervision.
“While the ATO acknowledges that non-compliance is reducing, all trustees must understand their roles and responsibilities,” Slattery said.
BankLink general manager John Dunkerley said there were tools available capable of assisting trustees, accountants and, ultimately, auditors and the ATO by streamlining the accounting process and thereby facilitating the timely lodgement of returns.
AUTHOR
Recommended for you
The popularity of ETFs, which are approaching $200 billion in Australia, is a potential threat to the advice landscape if consumers opt to invest directly, according to this senior partner.
A former AMP financial adviser has urged advisers in the BOLR class action against AMP to object to the “unfair and unreasonable” $100 million settlement sum as the objection deadline approaches on 22 May.
Two Victoria-based financial advice practices have merged and rebranded as Forbes Fava Saville Financial Planning, as the firm realises the benefits of added scale.
The Financial Services and Credit Panel has made its latest ruling over a case involving an incorrect Statement of Advice.
