Financial Standard Comments - 75,000 SMSFs non-compliant: ATO The Australian Taxation Office has admitted that as many as 75,000 SMSFs totaling assets up to $50 billion could be breaking the rules, leading some in the industry to suggest that the sector should be subject to tighter regulation. https://www.financialstandard.com.au/feed/latest?story=35164386 Tue, 08 Oct 2013 13:58:49 +1100 Tue, 08 Oct 2013 13:58:49 +1100 en-AU Copyright 2026 Financial Standard 5 Comment by Mark Williams (Hobart) If they are non-compliant they should be issued with some kind of infraction notice. Give them two chances then if it happens again, ban them from having their own SMSF for life.

Reply to article

For original story, Click Here.

]]> Mark Williams (Hobart) Tue, 08 Oct 2013 13:58:49 +1100 Comment by Phillip Hey (SMSF Works)

What an appalling article. The headline that 75,000 funds being non-compliant is a complete misstatement of the facts. I was at the the ICAA conference and in no way did Stuart Forsyth state that 15% of funds are non compliant.

He indicated that that 85% to 95% are responsible and act within the law. The 5% to 15% that do not act responsibly include in the main minor administrative breaches. He further indicated that approximately 2% of funds receive audit contravention reports from their independent auditors. It is the auditors role to issue the ACRs (not the ATO as written in the article) and the vast majority of the breaches are recified.

The ATO issues very few non-compliance notices but when they do it is a result that the trustees have had no regard to the law and deserve to be penalised.

Reply to article

For original story, Click Here.

]]> Phillip Hey (SMSF Works) Wed, 09 Oct 2013 09:45:04 +1100