40k funds to face compliance scrutiny for non-lodgment
Close to 40,000 SMSFs will face compliance activity from the tax office this financial year as it seeks to make non-lodgement a top focus area.
ATO assistant commissioner Dana Fleming said the tax office would be dealing with about 39,000 non-lodging SMSFs following its work with such funds last year.
“I can't emphasise how seriously we take the lodgement obligation to lodge an SMSF's return annually- this provides us with the assurance that everything is on track and is the key way we have visibility or transparency in relation to the fund's compliance with the superannuation laws,” said Ms Fleming at the SMSF Summit in Melbourne last week.
Read the full article at AccountantsDaily.