Level 4, 20 Grenfell Street,
Adelaide SA  5000

Phone: 08 8231 1888
Fax: 08 8231 3888

Email: admin@crase.com.au





 
Latest News
Hot Issues
Single Touch Payroll – 1 April 2018 Action
Property investors on notice after ATO spots false claims
ATO issues update on cryptocurrency compliance traps
Australia's vital statistics
Accountants spy elder abuse spike as mortgage stress sets in
Tax office releases fresh guidance on SMSFs
Labor's tax plans could favour the rich, analysis shows
FBT Reminder – Odometer Reading
Our website is really our digital office.
‘Substantiation will be a key focus’: ATO drums in tax time 2018 hit list
Super changes: $1.6 million transfer balance cap and death benefit pensions
Payroll, compliance issues top dodgy practices in Aussie business
Employee travel expense deductions
The Goldilocks effect - Economic and market update 4Q 17
Tax assessments confirmed for undisclosed business income
Super returns on the up despite clients’ hesitation
Australia. All you need to know to be the expert.
Business confidence hits 5-month high: NAB
Caution advised on best interests duty with cryptocurrencies
$20,000 asset write-off renewed for another financial year.
SMSF compliance traps with bitcoin
Where Australia is at. Our leading indicators.
Foreign resident CGT withholding: early recognition of tax credit
ATO set to doorknock as 60% of cash-heavy businesses caught
New downsizing cap available
Articles archive
Quarter 1 January - March 2018
Quarter 4 October - December 2017
Quarter 3 July - September 2017
Quarter 2 April - June 2017
Quarter 1 January - March 2017
Quarter 4 October - December 2016
Quarter 3 July - September 2016
Quarter 2 April - June 2016
Quarter 1 January - March 2016
Quarter 4 October - December 2015
Quarter 3 July - September 2015
Quarter 2 April - June 2015
Quarter 1 January - March 2015
Quarter 4 October - December 2014
‘A bad thing times 10’: ATO set for new SMSF blitz

The status of tens of thousands of SMSFs currently hangs in the balance, with the post-reform environment prompting the ATO to threaten axing funds which are not meeting their reporting obligations.



       


 


The status of tens of thousands of SMSFs currently hangs in the balance, with the post-reform environment prompting the ATO to threaten axing funds which are not meeting their reporting obligations.


The advent of changes such as the transfer balance cap requires the tax office to have significantly more up to date data on a fund’s assets and activity, pushing on-time lodgment further up the ATO’s compliance hit list.


About 40,000 funds which have not met their lodgement obligations are now at risk of being made non-complying, the ATO’s outgoing superannuation director Howard Dickinson said.


“I assume that all of you know non-complying outcomes, but I shall re-state it for the purpose of being very obvious: 50 per cent of the fund goes to the government, good bye,” Mr Dickinson told delegates at the SMSF Summit in Adelaide last week.


“We don’t want to make these people non-complying and we don’t want to disqualify them. But we cannot allow a significant number - about 40,000 funds with over $600,000 - of the population to continue to think they are operating as a fund,” he said.


"Non-reporting by SMSFs is a significant issue. It’s been a bad thing. With the advent of the retirement phase reporting in relation to the transfer balance cap... it’s become a bad thing times 10," he said. 


Professionals with clients who are struggling to meet those reporting obligations should engage with the ATO early. Though the ATO may not always be able to assist, Mr Dickinson said voluntary and early engagement boosts a client’s best chance at a favourable outcome.


The ATO has a voluntary disclosure service for clients, which you can access here. This service was launched in May 2016, after being first announced by sister publication SMSF Adviser in November 2015.


Clients who are not suited to managing their own superannuation should also be removed from the system before ATO intervention, Mr Dickinson said.


“You are the circuit breaker. We see it, but we often see it too late. Like a year [or] a year and a half later,” he said.


“It’s you that can help an SMSF trustee with that great piece of knowledge they’ve learnt at the pub, we don’t see it, they don’t tell us,” he said.


 



By: Katarina Taurian
​25 OCTOBER 2017
accountantsdaily.com.au


 




18th-November-2017
      Site By AcctWeb