13 Jul 11 SMSF Newsletter - Edition 18
The ATO has published its SMSF Newsletter, Edition 18. The ATO advises that this financial year, its compliance activity will focus on:
- newly registered funds, to ensure they have not been established to provide illegal early release (IER) of super funds to their members
- funds lodging their first annual return to ensure they are entitled to receive their "notice of compliance"
- auditor contravention reports
- related-party investments, to ensure they are not contravening the 5% in-house asset limit or the prohibition of lending to members
- exempt current pension income and non-arm's length income
- re-reporting of contributions and compliance with excess contributions tax release authorities.