POWERED BY MOMENTUM MEDIA
SMSF trustees warned on compliance
Self-managed superannuation fund (SMSF) trustees have been warned that the Australian Taxation Office 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 has 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
Mike Taylor
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
DomaCom DFS Mortgage
90.28 3 y p.a(%)
2
GAM LSA Private Shares AU I
37.08 3 y p.a(%)
3
DomaCom Lot 21 Chellaston Road Munno Para West SA 5115 Australia
31.44 3 y p.a(%)
4
Fidante Credit Suisse Global Private Equity
31.12 3 y p.a(%)
5
Global X GlobalX FANG+ ETF
28.28 3 y p.a(%)
