SMSF Trustees beware of increasing ATO attention
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.
Already, the ATO has written to a several trustees of newly established SMSFs to request the trustees complete a questionnaire; the purpose of which is to ascertain whether the trustees truly understand their duties. This tactic could quite easily be extended to trustees of all SMSFs.
The ATO has produced its own booklet, entitled “Roles and Responsibilities of Trustees”. Many of the questions raised in the recent questionnaires are a direct reference to this booklet. Those trustees wanting to be prepared for increased Tax Office focus, review this booklet and consider how it applies to your specific circumstances.
Visit http://www.ato.gov.au/corporate/content.asp?doc=/Content/46427.htm