Sladen Snippet – ATO announces SMSF areas of focus for 2016/17

In a recent speech, James O’Halloran, Deputy Commissioner of Superannuation, Australian Taxation Office (ATO), announced that the ATO will focus on the following self managed superannuation fund (SMSF) issues during 2016/17:

  • General compliance – the ATO will look to deal collaboratively with SMSF trustees for minor contraventions and take firm action against serious, deliberate or persistent regulatory breaches. The message here for SMSFs is to rectify breaches and engage with the ATO early
  • Dividend stripping arrangements involving arrangements to pay dividends from private companies to SMSFs
  • SMSFs being used for the diversion of personal services income (PSI) as outlined in Taxpayer Alert TA 2016/6
  • The non-lodgement of SMSF annual returns
  • Issues around auditor independence and low cost auditors 

For further information or advice please contact:

Phil Broderick
Principal
T: 03 9611 0163
M: 0419 512 801
E: pbroderick@sladen.com.au

Melissa Brazzale
Associate
T: 03 9611 0161
E: mbrazzale@sladen.com.au

Phil Broderick