ATO issues final warning to SMSF trustees

self-managed-superannuation-funds/taxation/SMSFs/smsf-trustees/australian-taxation-office/SMSF/ATO/superannuation-industry/

21 June 2005
| By Carmen Watts |

The Australian Taxation Office (ATO) is making sure that the trustees of self-managed superannuation funds (SMSFs) are left in no doubt about their obligations with respect to the ownership of assets.

The ATO has issued what it describes as a “final reminder” to SMSF trustees about keeping the benefits and other assets of their fund separate from personal assets.

The ATO’s warning comes ahead of what is expected to be a tougher enforcement approach in the new financial year and survey data indicating that the mixing of personal and fund assets has represented a problem area within the SMSF arena.

The Tax Commissioner, Michael Carmody used a statement last week to point out that under the terms of the Superannuation Industry (Supervision) Act, trustees are required to keep benefits and other assets of a fund separate from their personal assets and the assets held by employers who contribute to the fund.

He said the law was clear and that the requirement existed to ensure a fund’s assets were protected for retirement.

“Self-managed superannuation funds in breach of the separation of assets rule must move to rectify the breach by June 30 this year,” Carmody said.

He said the ATO was aware of instances where a fund’s assets had been seized in debt proceedings because its assets were not clearly identified as belonging to the fund.

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?...

1 month 3 weeks 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 ago

Entireti has unveiled the new name for the AMP financial advice businesses that it acquired last year....

4 weeks 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...

2 weeks 6 days ago

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

1 week 5 days ago

TOP PERFORMING FUNDS