ATO concerned about $200 SMSF audits

tax/ATO/SMSF/loans/

19 February 2016
| By Mike |
image
image
expand image

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."

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

So we are now underwriting criminal scams?...

2 months ago

Glad to see the back of you Steve. You made financial more expensive, not more affordable as you claim, and presided ...

2 months ago

Completely agree Peter. The definition of 'significant change is circumstances relevant to the scope of the advice' is s...

4 months 1 week ago

A Sydney financial adviser has been permanently banned from providing any financial services, with the regulator deriding his “lack of integrity, trustworthiness and prof...

3 weeks 1 day ago

Minister for Financial Services, Stephen Jones, has provided further information about the second tranche of the Delivering Better Financial Outcomes (DBFO) reforms....

2 weeks ago

One licensee has lost 27 advisers in the past week, now sitting at zero, according to the latest Wealth Data figures....

3 weeks 1 day ago

TOP PERFORMING FUNDS