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.
Recommended for you
ASIC has cancelled the AFSL of an advice firm associated with Shield and First Guardian collapses, and permanently banned its responsible manager.
In the run-up to heavy losses expected at the end of the financial year, June has already reported consecutive weeks of adviser losses.
ASIC has banned a former NSW adviser from providing advice for 10 years for investing at least $14.8 million into a cryptocurrency-based scam.
ASIC has sent warning notices to social media finfluencers who it suspects are providing unlicensed financial advice to Australians as part of a global crackdown by international regulators.
