Australian Tax Office turning its sights to super

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The Australian Tax Office (ATO) is targeting tens of thousands of super funds in a bid to make them ‘compliant’.

Last October, non-lodgement rates for self-managed super funds (SMSF) reached critical levels. Around 40,000 SMSFs – which are required to lodge an annual return – were at risk of penalties

Since then, around 22,000 of the 40,000 non-compliant funds either lodged overdue returns or exited the system.

This year, around 27,000 non-compliant super funds are in the tax office’s sights, and fund holders who have not yet fulfilled their annual obligations can expect to be contacted by the ATO in the coming weeks.

“We will continue to look at funds that have not lodged a return since they registered where we can see that at least one of the members has rolled money out of an APRA super fund account,” said ATO deputy commissioner James O’Halloran.

The ATO is cracking down on SMSF lodgements because it’s an indicator of whether the fund is satisfying its obligations, as well as whether self-managed fund members actually understand the superannuation reforms introduced in 2016, which include new caps and reporting obligations.

Read more at www.nestegg.com.au

Are you completely savvy with new super laws? Are you aware of your tax obligations?

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Written by Leon Della Bosca

Leon Della Bosca is a voracious reader who loves words. You'll often find him spending time in galleries, writing, designing, painting, drawing, or photographing and documenting street art. He has a publishing and graphic design background and loves movies and music, but then, who doesn’t?

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