SMSFs well under control, says ATO
Despite some reports to the contrary, the latest Australian Taxation Office (ATO) annual report has confirmed breaches by self-managed superannuation funds (SMSFs) remain well under control.
The report, released last week, confirmed that breaches of the rules detected by the ATO had remained steady at two per cent each year.
The ATO claimed in the report that opportunities to access superannuation illegally "have been countered by our strategies and we are seeing improvements in the competence of approved auditors – a critical control point in the system".
The annual report said that total SMSF numbers had grown by around eight per cent a year, "indicating a healthy level of confidence in the system in general".
It said the ATO regulated around 478,000 self-managed superannuation funds with assets exceeding $439 billion.
The report said that during the last financial year, the ATO had prevented 298 funds from entering the system, and removed 427 existing funds where it suspected illegal access was planned.
"We audited 35 promoters and 492 participants of earlier-year illegal schemes," it said.
"Tax and penalties totaling $6.7 million were raised and prosecution action is progressing against a number of the promoters."
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