Equipping professional accountants for sustainability
The International Federation of Accountants has developed a concise resource to guide accounting professionals and...
READ MOREPension, deductions blunders feed multi-million dollar SMSF tax gap
The ATO has revealed the tax gap for superannuation funds, finding ECPI misunderstandings and over-claimed deductions are contributing to a $39.9 million hole created by small funds, including SMSFs.
The Small Super Funds Income Tax Gap findings report on the difference between total tax collected for small super funds, and the amount that would have been collected if all associated taxpayers were fully compliant with the law. The small super fund segment consists of 550,000 SMSFs and 2,200 small APRA funds.
Read the full article at SMSF Adviser.
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