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  Miscellaneous 2005

To quote the ATO - it's your money - but not yet! (superannuation fund issues)

Source: National

Published Date: 18 Mar 2005

 

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SMSF issues - the ATO has been warning for nearly two years that it aims to ensure the SMSF industry is fully compliant. It has highlighted its main areas of concern which need to be addressed to ensure the risk of acting as trustee of one's own fund is minimised. Topics covered in this paper include:

  • restrictions on investment decisions and what is permitted
  • carrying on a business - is it possible for a SMSF? Or is the risk too high? What about a joint venture?
  • common misconceptions, using old principles to solve new problems
  • what happens when a breach occurs?
  • what the ATO expects of auditors of SMSFs
  • sole purpose test - the ATO's favourite fall back position
  • compliance checks for trustees.
Author(s)

Individual Session

To quote the ATO - it's your money - but not yet!

Author(s): Ron Doig
Materials from this session:

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Details

  • Published By: Ron Doig
  • Published On:18 Mar 2005
  • Took place at:Perth Convention Exhibition Centre, WA

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