In a recent speech, James O’Halloran, Deputy Commissioner Superannuation at the ATO, set out the ATO’s current areas of focus for the self managed superannuation fund (SMSF) sector. This includes that the ATO:
- Is concerned with SMSFs that have one or more annual returns outstanding (“persistent non-lodgers”)
- Is concerned with SMSFs and reserves – the ATO considers that SMSFs should only have reserves in very limited circumstances for “specific and legitimate purposes”
- Will continue its compliance actions against SMSFs breaching the superannuation laws
- Believes its voluntary disclosure program is working well
- Has been applying the non-arm’s length income rules where it believes those rules are triggered
- Is focusing on “schemes and arrangements” which target SMSF members
- Is concerned with SMSFs investing in “artificial arrangements” to obtain tax benefits
- Is concerned with schemes where SMSF members deliberately exceed their non-concessional contribution caps in order to manipulate the taxable and non-taxable components
To discuss this further or for more information please contact:
Phil Broderick
Principal
Sladen Legal
T +61 3 9611 0163 l M +61 419 512 801
Level 5, 707 Collins Street, Melbourne, 3008, Victoria, Australia
E: pbroderick@sladen.com.auMelissa Colaluca
Associate
Sladen Legal
T +61 3 9611 0161
Level 5, 707 Collins Street, Melbourne, 3008, Victoria, Australia
E: mcolaluca@sladen.com.au
