Tax Office issues DIY super warning

Tax commissioner Michael Carmody says he has significant concerns about the management of DIY superannuation funds. A recent ATO review suggested that one fifth of DIY funds are not audited properly. The tax office will crack down on DIY funds over the next two months with a new taxation compliance program. Personal super funds must be used for accumulating money for retirement, not as a tax-effective means of amassing assets such as property or art, Carmody says. He said an immediate concern is the proliferation of schemes to help people illegally access super savings. Many promoters are openly encouraging people to set up self-managed funds and then take their money out, he said.

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