ATO concerned about $200 SMSF audits
Related party transactions and th funnelling of personal services income into super continue to be issues of concern with respect to self-managed superannuation funds (SMSFs), according to the Commissioner for Taxation, Chris Jordan.
Speaking on a panel during the SMSF Association national conference in Adelaide, Jordan said he was concerned that the message with respect to related party transactions such as loans from a fund was still not being understood by those with an SMSF.
The Taxation Commissioner also raised concerns about people seeking to funnel personal services income into superannuation funds and said it was something that was under scrutiny by the Australian Taxation Office (ATO).
Jordan also raised questions about some SMSF audit practices, particularly those companies advertising $200 online audit services that did not require physical interactions with the SMSFs concerned.
"How can you possibly make money out of a $200 audit?" he asked.
"That is the concern."
Recommended for you
Unveiling its performance for the calendar year 2024, AMP has noted a “careful” investment in bitcoin futures proved beneficial for its superannuation members.
SuperRatings has shared the median estimated return for balanced superannuation funds for the calendar year 2024, finding the year achieved “strong and consistent positive” returns.
The second tranche of DBFO reforms has received strong support from superannuation funds and insurers, with a new class of advisers aimed to support Australians with their retirement planning.
The financial services technology firm has officially launched its digital advice and education solution for superannuation funds and other industry players.
