ATO targeting SMSF non-compliance

ATO targeting SMSF non-compliance


The Tax Office is warning SMSF trustees that they will be contacting SMSFs that have not regularly complied with their lodgment obligations.

The ATO is reminding trustees that lodging an SMSF annual return is an obligation and failure to do so is a breach of super laws.

To avoid penalties, the Tax Office is urging SMSF trustees to bring their lodgments up to date as soon as possible.

Trustees who cannot meet any deadlines will risk becoming disqualified as a trustee for persistent non-lodgment, their SMSF may be made non-compliant and the ATO will raise default assessments.

Categories

If you believe the matters discussed above are relevant to your business, please contact Darren Smith of our office to discuss further.


Darren is a Chartered Accountant with extensive experience, including working in the big 4 and medium sized firms before becoming a partner of a city based firm in 2000.

He has gained much experience and has extensive knowledge in providing business and taxation advice, superannuation planning, negotiation of sales and acquisitions of businesses and property development. His client base covers a wide range of industry groups.

Darren works with business owners to grow their businesses and create personal wealth within and outside of their business.


+ There are no comments

Add yours