ATO set sights on 27,000 funds in ongoing crackdown
While efforts by tax agents and the ATO has seen a dramatic drop in the number of non-lodgers, 27,000 registered SMSFs that have not lodged since their establishment remain on its radar.
Speaking at the CA ANZ National SMSF Conference ATO deputy commissioner James O’Halloran said the ATO identified 49,000 SMSF non lodgers at July 2018.
Since then, around 22,000 of these funds have either engaged with the ATO and lodged all overdue SMSF annual returns or decided to exit the system and wind up their fund, said Mr O’Halloran.
“No matter how large a compliance issue may be, if the SMSF and their adviser are genuine in wanting to return their SMSF to complying status, if they engage with us we will work with them to try to find a resolution,” he said.
While there has been a significant drop in the non-lodgement rate, the ATO is still monitoring around 27,000 registered SMSFs that have not lodged since their establishment, he said.
This includes some 8,900 funds that registered in the 2016/17 financial year and have not as yet lodged their 2016/17 return.
While this number is improving, we’re concerned that in some cases, this may be an indicator of illegal early release of funds, said Mr O’Halloran,
“So we will continue to look at funds that have not lodged a return since they registered where we can see that at least one of the members has rolled money out of an APRA super fund account,” he said.
Miranda Brownlee
21 September 2018
smsfadviser.com
Hot Issues
- ATO encourages trustees to use voluntary disclosure service
- Beware of terminal illness payout time frame
- Capital losses can help reduce NALI
- Investment and economic outlook, August 2024
- What the Reserve Bank’s rates stance means for property borrowers
- How investing regularly can propel your returns
- Super sector in ASIC’s sights
- Most Popular Operating Systems 1999 - 2022
- Our investment and economic outlook, July 2024
- Striking a balance in the new financial year
- The five reasons why the $A is likely to rise further - if recession is avoided
- What super fund members should know when comparing returns
- Insurance inside super has tax advantages
- It’s never too early to start talking about aged care with clients
- Capacity doubts now more common
- Most Gold Medals in Summer Olympic Games (1896-2024)
- SMSF assets reach record levels amid share market rally
- Many Australians have a fear of running out
- How to get into the retirement comfort zone
- NALE bill passed by parliament
- Compliance focus impacts wind-ups
- LRBA interest rates increase for 2025
- Income-free areas set to increase from 1 July
- Most Spoken Languages in the World
- Middle-to-higher incomes boosting SMSF growth
- Investment and economic outlook, May 2024
- Transitioning into retirement: What you should know
- Plan now to take advantage of stage 3 tax cuts
- Deeming freeze a win for Age Pensioners
Article archive
- April - June 2024
- January - March 2024
- October - December 2023
- July - September 2023
- April - June 2023
- January - March 2023
- October - December 2022
- July - September 2022
- April - June 2022
- January - March 2022
- October - December 2021
- July - September 2021
- April - June 2021
- January - March 2021
- October - December 2020
- July - September 2020
- April - June 2020
- January - March 2020
- October - December 2019
- July - September 2019
- April - June 2019
- January - March 2019
- October - December 2018
- July - September 2018
- April - June 2018
- January - March 2018
- October - December 2017
- July - September 2017
- April - June 2017
- January - March 2017
- October - December 2016
- July - September 2016
- April - June 2016
- January - March 2016
- October - December 2015
- July - September 2015
- April - June 2015
- January - March 2015
- October - December 2014
October - December 2018 archive
- Ranking of the world's best: Taking it personally
- The value of advice - Behavioural Coaching
- Our Advent calendar for 2018
- Compliance, tax advice in strongest demand from SMSFs
- Stop!! Don't do a paper Budget, use our online budgeting tools instead.
- Franking credit policy to dent retirement savings by 15 per cent
- Information needed to be the BBQ expert.
- Hungry for income? Choose carefully.
- Retiree self-protection: A volatility-and-downturn 'bucket'
- How financial advice helps create wealth.
- Superannuation gender gap narrowing, research shows
- All the stats you need to see how Australia is going.
- Market downturns, like this one, are to be expected
- ATO claws back $850m in unpaid SG in FY 17-18
- ‘Hefty penalties’ with TRIS payment failures, SMSFs warned
- The global financial crisis: Behind us but far from over
- 'Huge' professional risk in SG delays, big four firm warns
- What a financial adviser can add to your portfolio's returns.
- ATO updates crypto guidance
- Reverse mortgages: Short-term gain, long-term pain
- ATO set sights on 27,000 funds in ongoing crackdown
- ATO zones in on hundreds of newly created reserves
- A dynamic approach to retiree spending and drawdowns
- Your investment freedom-maker