What is the ATO looking at in 2012/13?
22 October 2012
For SMSFs the main areas include:
- new SMSFs – to ensure that the trustees of new SMSFs are aware of their role and responsibilities and to preclude new funds being used for illegal early access;
- SMSFs which have not lodged or are late in lodging their annual returns;
- claims for exempt current pension income – to ensure that actuarial certificates (where required) have been obtained prior to lodging the annual return and quantum of the claim is correct;
- SMSFs which amend contribution advices after potential excess contributions have been identified; and
- compliance with release authorities.
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