POWERED BY MOMENTUM MEDIA
ATO concerned about $200 SMSF audits
Related party transactions and the 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
The impact of identity theft and its threat to superannuation savings were highlighted in a case that went before the Federal Court at the end of 2023.
A recent NSW Supreme Court decision is an important reminder that while super funds may be subject to restrictive superannuation and tax laws, in essence they are still a trust and subject to equitable and common law claims, says a legal expert.
New research from the University of Adelaide has found SMSFs outperformed APRA funds by more than 4 per cent in 2021–22.
The SMSF Association has made a number of policy recommendations for the superannuation sector in its pre-budget submission to the government.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
Spire Oaktree Opportunities XI Second Close
61.07 3 y p.a(%)
2
Spire Oaktree Opportunities XI First Close USD
59.21 3 y p.a(%)
3
DomaCom Lot 21 Chellaston Road Munno Para West SA 5115 Australia
31.56 3 y p.a(%)
4
Fidante Credit Suisse Global Private Equity
31.06 3 y p.a(%)
5
DomaCom 4/27 Crombie Avenue Bundall QLD 4217 Australia
26.81 3 y p.a(%)
