Published on 18 Mar 05
by NATIONAL EVENTS, TAXATION INSTITUTE OF AUSTRALIA
SMSF issues - the ATO has been warning for nearly two years that it aims to ensure the SMSF industry is fully compliant. It has highlighted its main areas of concern which need to be addressed to ensure the risk of acting as trustee of one's own fund is minimised. Topics covered in this paper include:
- restrictions on investment decisions and what is permitted
- carrying on a business - is it possible for a SMSF? Or is the risk too high? What about a joint venture?
- common misconceptions, using old principles to solve new problems
- what happens when a breach occurs?
- what the ATO expects of auditors of SMSFs
- sole purpose test - the ATO's favourite fall back position
- compliance checks for trustees.
Ron practices in superannuation, taxation and related areas such as estate planning and business and asset structuring. Advice is given to a wide range of clients including the accounting profession and other consultants to the business community, and the financial services industry. Ron is a director of the West Perth firm Munro Doig.
- Current at
01 March 2015