Tax Office looks harder at SMSFs

The Australian Taxation Office (ATO) has signalled its intention to significantly increase its compliance checks on self-managed superannuation funds, including the introduction of a compliance verification program similar to that used to administer the Goods and Services Tax (GST).

The Commissioner of Taxation, Michael D’Ascenio, told a Sydney conference that his office planned to increase its active compliance resources to 590 employees and increase compliance checks of self-managed superannuation funds and approved auditors.

“For new self-managed superannuation funds, we will be introducing a compliance program along the lines of the GST advisory visits to establish positive behaviour early in the lifecycle of the fund,” he said.

The Tax Commissioner said the ATO had removed complying status from 12 funds last year and that four funds had lost their status this year.