While the amount of illegally accessed funds from SMSFs has reduced, the amount of prohibited loans has gone up, the Commissioner of Taxation has said.
An industry consultant has reminded practitioners the indexation measure to be applied to the general transfer balance cap will have implications for other elements of the superannuation system as well that are unrelated to income streams.
The non-lodgment of superannuation annual returns continues to be one of the ATO’s major concerns, the deputy commissioner for superannuation has said.