SMSF trustees warned on compliance

Self-managed superannuation fund (SMSF) trustees have been warned that the Australian Taxation Office will be adopting a tougher approach to compliance issues this year and that they will need to be prepared.

The warning has come from accounting data and services supplier BankLink and has been backed by the Self Managed Funds Professional Association (SPAA), which has urged trustees to ensure they have the right tools to meet the ATO’s requirements.

SPAA chief executive Andrea Slattery said trustees would be foolish to underestimate the ATO’s threat of stricter regulatory supervision.

“While the ATO acknowledges that non-compliance is reducing, all trustees must understand their roles and responsibilities,” Slattery said.

BankLink general manager John Dunkerley said there were tools available capable of assisting trustees, accountants and, ultimately, auditors and the ATO by streamlining the accounting process and thereby facilitating the timely lodgement of returns.