SMSF consumers warned on heavier compliance

Brisbane-based self-managed superannuation funds administrator Super Concepts has warned that a boost in Australian Taxation Office compliance staff could see poorly run self-managed funds losing their tax concessions because of regulatory breaches.

Super Concepts national sales and marketing manager Justin Sadler said the ATO had recognised that there had been a massive growth in self-managed funds and was directing more resources into the area in the expectation that it would triple its casework over the next two years.

He said people setting up do-it-yourself funds without professional assistance needed to understand that even minor infractions could see them being penalised.

“SMSFs are a fantastic way to control your assets and your financial future, but they do require time and commitment and investors should seek the advice of a professional for guidance,” Sadler said.