Is your SMSF compliant?

About 75,000 SMSFs may not be compliant in Australia, according to the Australian Tax Office.
It was estimated the SMSFs could hold assets worth up to $50 billion.
ATO deputy commissioner for superannuation Stuart Forsyth said 85-95% of SMSF trustees were responsible and acted within the deeds of the trust and super and income tax laws. However about 5-15% of trustees were not doing the right thing, which meant they were likely to be uncompliant and breaking the rules.
Mr Forsyth said the situation was not ideal but the large number of SMSFs made the job of identifying misuse difficult. He said for many funds the breach could be one-offs.
The ATO has launched orders of contravention against about 2% of SMSFs each year. Half of those contacted by the ATO rectified the problems immediately.
Australia has about 500,000 SMSFs with assets worth about $500 billion.
SMSFs typically invested in shares, however law changes a few years ago meant they could also invest in property.

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