40,000 SMSFs set for chopping block
Non-lodgement has become a “bad thing times 10” for the SMSF sector in the post-reform environment, with the ATO saying that about 40,000 funds are now at risk of being made non-compliant.
With the advent of changes including events-based reporting and the introduction of a transfer balance cap, on-time lodgement has become an even bigger priority issue for the tax office in regulating the SMSF sector. It is always high on the ATO’s watchlist, despite the sector being largely compliant.
Read the full article on SMSF Adviser.