Powered by MOMENTUM MEDIA
subscribe to our newsletter
ATO ramping up SMSF surveillance

ATO ramping up SMSF surveillance

Miranda Brownlee
17 February 2015 — 1 minute read

The ATO has increased its surveillance of the SMSF sector and is taking tougher action on SMSF trustees, one lobby group has warned.

Taxpayers Australia manager of superannuation products and services Reece Agland noted the ATO disqualified 585 SMSF trustees in 2014 and disqualified a further four this month for breaching SIS.

Speaking to SMSF Adviser, Mr Agland said the number of disqualifications was less than 100 in 2010.

“It’s a clear indication that the ATO is taking [compliance] seriously and is taking action,” he said.

While Mr Agland said he expects to see a dent in the number of disqualifications this year, he also expects “a major rise in the number of other ATO actions taken” now that it has new penalty powers at hand.

“Early on the ATO were about education for SMSF trustees, they’ve now done enough years of education and it’s time for them to get tough,” said Mr Agland.

“The ATO is going to give trustees less leeway than it did five years ago.”

Of late there has also been more “vigilance” in the courts towards SMSF trustees breaching SIS, Mr Agland said.

Mr Agland said the ATO also has access to a lot more information than they did previously, as well as sophisticated electronic means to find people’s assets and what names they’re in.

This will only increase, he said, when the ATO has completed the process of implementing standard business reporting (SBR).

“With SBR they’ll be able to get real-time data from people’s accounting systems so they’ll get information sooner and be able to act on it a lot quicker,” he said.

ATO ramping up SMSF surveillance
smsfadviser logo
join the discussion

Do you think the government should reinstate the accountants’ exemption for SMSF advice?

SUBSCRIBE TO THE
SMSF ADVISER BULLETIN

Get the latest news and opinions delivered to your inbox each morning

In this month's issue:

  • Time wrap
  • The tech bull run
  • From hobby to passion
  • Golden Years
  • An untimely reminder
  • Why change is so difficult
  • Key Strategies for equalising super