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ATO’s SMSF compliance focus for 2016-17

The ATO has announced the approach it intends to take over 2016-17 with regard to SMSF compliance. It says trustees will see some key shifts in the ATO’s emphasis, both in terms of the activities it undertakes and the levels of enforcement action it applies.

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Hands

​Controversial super change scrapped

At the time of writing, the new Parliament released the first batch of proposed changes to the superannuation regime, and among these was the announcement that the proposed $500,000 lifetime non-concessional cap is to be scrapped. Recall that these measures were previously announced in the Federal Budget earlier this year before the election.

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Growth

Setting up an SMSF: What you need to know

There are tempting tax incentives for Australians to save for their retirement via the superannuation system, with an array of choice between superannuation funds that can manage your savings for you, but also the do-it-yourself option of a self-managed superannuation fund (SMSF).

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Self Managed Super Funds Explained

If you already follow your own superannuation fund closely, you may find the additional control that you get running a SMSF to be more satisfying, but it will take time and there are ongoing costs.

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