Powered by MOMENTUM MEDIA
subscribe to our newsletter sign up

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.

Would-be SMSF trustees queried by ATO

SMSF, self-managed super fund, superannuation, ATO, Australian taxation office, Martin Shorte, Verante Financial Planning

The ATO is contacting SMSF applicants and investigating their tax history to identify scenarios where an SMSF is a risky option for an individual, according to a financial advice firm.

Verante Financial Planning adviser Liam Shorte says the ATO is calling prospective trustees and asking them why they want to set up the SMSF and who recommended it.

“They’re looking for applications that are at risk, so applications where there may be issues, and they’re looking to talk to the trustees and ask them a range of questions to see why they’re setting up the trust, who’s recommended it to them, and just making sure that they understand their duties,” Mr Shorte said.

The ATO is also checking that prospective SMSF trustees fit within certain criteria by checking certain records such as their previous tax history.

Advertisement
Advertisement

“They’re also looking at the accountant’s records as far of their history with members with things like late lodgements, so that’s some of the criteria they’re using to target their resources,” Mr Shorte said.

Mr Shorte said this could be part of ASIC’s plans to crack down on SMSF establishments, where they’re inappropriate for individuals, which were flagged earlier this year.

“If the ATO isn’t happy with these responses, they pass the information across to ASIC as well, so they are data sharing the responses,” he said.

Mr Shorte said it’s important for those looking to establish their own SMSF to be aware of the requirements and be able to access educational resources.

Would-be SMSF trustees queried by ATO
SMSF, self-managed super fund, superannuation, ATO, Australian taxation office, Martin Shorte, Verante Financial Planning
nestegg logo
subscribe to our newsletter sign up
FROM THE WEB
Recommended by Spike Native Network
Anonymous - This is all identity politics rubbish. Inasmuch as most families are dual income earners and as most women are not in high paying jobs for a variety.......
Margaret - Happy that I won't be around in 2060....
Anonymous - This "analysis" is misconceived and should get a fail in statistics. Men pay more tax because they work more. So they should get more relief. And,.......
Anonymous - I'm not sure how the ATO can declare there is an "$8.7 Billion hole" without already being able to confirm that all these claims are illegitimate?

Is.......