The Australian Taxation Office (ATO) has recently released their compliance activity program for 2012-13, which outlines some of the key areas they will focus in respect to self managed super funds including:
- meeting income tax obligations, in particular on-time lodgement and irregularities with exempt current pension income tax deductions
- meeting regulatory obligations, in particular new trustee behaviours, illegal early release, re-reporting of contributions to avoid excess contributions tax and compliance with ECT release authorities
- more active follow-up of breaches reported by approved auditor through an auditor contravention report