Small but Established Funds

The other side of the coin is that a fund may be established late in the tax year for the purpose of generating the early issue of the notice of compliance.

In this case the superannuation deed has been signed, the fund has been registered with the ATO and a nominal contribution has been made.  The fund has been established as there are assets of the fund.

While the fund may not be needed during the 2010/11 financial year, by establishing the fund early, a notice of compliance will be issued in respect of the fund much sooner than would have been the case if the fund were established in, say, July 2011.

The early issue of the notice of compliance will be achieved at the cost of preparing the financial statements and audit for 2010/11 year as well as the supervisory levy of $180.