The ATO will be focusing on SMSF to ensure we’re all satisfying our tax obligations. They’ve noticed an increase in reporting errors. Their main focus will be on exempt pension income and non-arm’s length transactions. The ATO would like to:
1) inform new trustees of their obligations and what will be expected of them;
2) have lodgement of annual returns on time (this is required even though there may be no assets or income;
3) correct re-reporting and compliance of excess contributions tax (the ATO would like to get the right information the first time);
4) stop breaches of obligations by trustees;
5) analyse the top 200 SMSFs which are known to have millions of dollars in each of them.
Read more by clicking the link http://www.itbdigital.com/opinion/2013/03/25/ato-hit-list-for-smsfs/