ATO Enforces Overall Compliance From Self-Manage Superfunds
The Australian Taxation Office (ATO) has informed self-managed super funds (SMSFs) they shall be made non-compliant should they commit major breaches within the policies. All the more cause to engage independent SMSF auditing organizations to be certain ongoing compliance, suggests David Saul of Saul CA.
- (1888PressRelease) October 03, 2011 - Self managed superannuation funds face firm action from the ATO over non-compliance, according to Commissioner of Taxation, Michael D'Ascenzo.
The ATO has emphasised it will continue to work with SMSFs to improve genuine problems. However, the 2011-2012 ATO compliance program emphasises compliance activity will be increased in the following areas:
• Newly registered funds and funds lodging their first annual return;
• Auditor contravention reports;
• Related party investments;
• Exempt current pension income and non-arm's length income; and
• Re-reporting of contributions and compliance with excess contributions tax release authorities.
David Saul, Director of Saul CA, an accounting firm specialising in SMSF auditing, says this emphasises the importance of engaging specialist SMSF auditors who audit super funds at arm's length and ensure compliance.
"The role of an approved auditor is to perform a financial and compliance audit of the operations of the self managed super fund," explains Mr Saul. "The auditor must be fully independent and operate at arm's length to the fund."
Self-managed superannuation funds must operate in compliance with a number of rules and regulations set out by the ATO, as well as other Australian legislation. Saul CA is one of the top 100 auditors approved by the ATO, which complete more than 30% of all SMSF audits in Australia.
"Because we've built expertise in the area of SMSF auditing, we have knowledge and contacts that allow us to give strategic advice and carefully untangle problems that others can't." says Mr Saul. "That's why we often act as a sounding board for accounting firms that are concerned with general SMSF compliance issues. Together we can address issues or potential problems before they arise."
Mr Saul is a long-standing member of the Self-Managed Super Fund Association of Australia Limited (SPAA), the peak body for SMSF professionals, and was one of the first in Australia to achieve the SMSF Specialist Advisor™ accreditation from SPAA.
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