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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 presentation 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 is a Partner in the law firm Munro Doig. He practises extensively in superannuation, taxation and related commercial areas, and has done so for over 10 years. Advice is given to a wide range of clients including private and public company groups, industry master and self managed funds, and to the accounting profession and other advisers to the superannuation and financial services industry. Ron has presented numerous papers on a wide range of superannuation topics and is a lecturer on superannuation for the Securities Institute and in the trustee training courses run by the Association of Superannuation Funds of Australia. Ron’s practice focuses on superannuation, but extends into related areas, such as retirement and estate planning, and business and asset structuring. Current at 11 April 2008
The Tax Institute is a Recognised Tax Agent Association (RTAA) under the Tax Agent Services Regulations 2009.
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