Super update from the ATO
Written on the 1 March 2014
Some SMSF statistics
As at 30 September 2013, there were over 516,000 SMSFs holding around $531 billion in assets.
Although SMSFs are nearing one million SMSF members (980,000), or 8% of the 11.6 million members of Australian super funds, they account for 31% of the $1.6 trillion total super assets as at 30 June 2013.
Common problems and ATO audit action.
The top contraventions reported to the ATO on auditor contravention reports relate to:
This year the ATO will review every fund reported to it by approved SMSF auditors.
In 2012/13, the ATO's audits:
New ATO powers and penalties
The government has announced that, from 1 July 2014, administrative penalties will apply to breaches of the super laws (note that this is still just proposed law at this stage).