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ATO honing in on ‘aggressive’ SMSF tax structures

ATO honing in on ‘aggressive’ SMSF tax structures

Katarina Taurian
06 October 2014

The ATO has reiterated it will be taking a closer look at SMSFs that are not “playing by the rules” in relation to their tax planning this financial year.

Speaking to SMSF Adviser, the ATO’s assistant commissioner for superannuation Matthew Bambrick said the regulator will be looking at various “areas of concern” in addition to its standard activities of addressing auditor contravention reports and issues found in SMSF annual returns.

These include arrangements involving dividend washing, overseas seminars, home loan unit trusts and dividend stripping, Mr Bambrick said.

“We will also take a closer look at those SMSFs we think are taking undue advantage of the concessional rates of tax for complying super funds and entering aggressive tax planning arrangements,” he said.

In spite of these focus areas, Mr Bambrick said the ATO is aware that a majority of SMSFs are compliant.

“Each year we only receive auditor contravention reports for approximately two per cent of SMSFs, which tells us that almost all SMSFs are meeting their obligations,” Mr Bambrick said.

“Our aim is to keep working with trustees, auditors and other superannuation professionals to ensure easy access to the information they need, in the form they want it, and that the industry remains fair for everyone.”

ATO honing in on ‘aggressive’ SMSF tax structures
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