Each year at this time, the Commissioner of Taxation announces key areas the Tax Office will focus on as part of its annual audit regime.
Many of the focus areas stay the same from year to year, although the ATO will add areas to its radar where it believes there is system abuse. (more…)
With more than $286 billion held through Self Managed Superannuation Funds (SMSFs), the Federal Government and Tax Office are keen to ensure all parties are complying with their obligations.
SMSF trustees are likely to receive greater interest from the Tax Office to ensure each trustee understands their roles and responsibilities in operating their SMSFs. The government and ATO believe many trustees are not sufficiently aware of their duties, and perhaps rely on the SMSF’s accountants, auditors and advisers to fill this deficiency. (more…)
