ATO to focus on SMSF loans
The Australian Taxation Office (ATO) superannuation assistant commissioner Stuart Forsyth has recently announced that the ATO will focus on loans within Self Managed Superannuation Funds (SMSFs).
He also said "I know that sometimes seems like a harsh message, but nobody actually has to have an SMSF…" and went on to say "And not everybody in my experience is very good at keeping away from piles of money".
When you have a person in such a high position within an organisation with as much power and as many resources as the ATO expressing opinions which seem so totally biased against the vast majority of SMSF Trustees, one can only imagine what is actually coming when he says "We expect there to be more comprehensive audits next year".
We as a firm look after a significant number of Self Managed Superannuation Funds and interact with other firms in the industry regularly. We have never seen nor have we heard of this being a significant issue. In our experience the Trustees of SMSFs are diligent and focused on ensuring that they comply with all their obligations - and focused on building real wealth for their members.
However, given Mr Forsyth's expressed views and the seemingly relentless push back on the SMSF sector generally, we believe that it is timely to remind all SMSF Trustees that they need to be aware of their responsibilities across all aspects of their fund.
To this end we are considering running self education seminars for Trustees of SMSF in the upcoming months. If you would be interested in attending these seminars please contact the office and we will ensure we provide you with the details of the event as plans and content are finalised.
