Self managed super under the microscope
The Australian Tax Office will audit 3,600 self-managed superannuation funds this year, up from 1,000 last year. Already this year, 13 funds have been wound up, 15 trustees disqualified and undertakings against 80 funds have been issued. Funds found to be non-complying will be taxed at 47 per cent. As well record keeping errors, the tax office is concerned with loans between fund parties and in-house asset transactions. Harsh new licensing laws are rapidly consolidating the number of fund trustees.