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DIY Super - Not Your Money Yet

The Tax Commissioner has released a Tax Office advice booklet titled DIY super - It's your money...but not yet! for the 560,000 Australians who manage their own superannuation funds. The launch process included briefings with both the media and various professional associations.

The booklet sets out the ATO approach to administering self managed superannuation funds and highlights their preference for helping people to follow the rules.

The Commissioner's line, 'it's your money ... but not yet!', sums up the ATO concerns about the need to ensure that super savings are protected for retirement.

Key focus areas

In 2004-05, the ATO is increasing their audit activity on at-risk funds to ensure all tax obligations are met. The case studies in the booklet present a practical picture of what the Tax Office sees as well as the consequences for non-compliance. The key focus areas are:

  • requirements and obligations for trustees, auditors, tax agents and financial advisers
  • what attracts ATO attention, and
  • the outcomes you can expect from a Tax Office SMSF audit.

For full details, and a free copy of the booklet, see http://ato.gov.au/super/content.asp?doc=/content/47067.htm

Copyright Australian Taxation Office, July 27th 2004, http://ato.gov.au/taxprofessionals/content.asp?doc=/content/47308.htm

 

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