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In a recent conference in Sydney, ATO assistant commissioner, SMSF risk and strategy, Justin Micale said the ATO has recently been conducting new demographic analysis which will drive the regulator\u2019s strategies going forward.<\/p>\n
\u201cThis research will also help identify where we need to do more to help trustees get it right,\u201d stated Mr Micale speaking at the CA ANZ SMSF National SMSF & Financial Advice conference.<\/p>\n
The analysis has looked at fund members with links to small business and private wealth groups, to try and understand if they display different behaviours.<\/p>\n
The research has only just commenced but it is already providing some useful insights to help us build a deeper and more differentiated understanding of the population, said Mr Micale.<\/p>\n
The preliminary results show around 45 per cent of funds have links to a small business, while 25 per cent are linked to a private wealth group.<\/p>\n
\u201cWe have found that as a proportion, the incidence of non-lodgment and loans to related parties is higher for those funds with members operating a small business than those linked to other segments,\u201d noted Mr Micale.<\/p>\n
Mr Micale said early access to retirement savings was still one of the most common contraventions among SMSFs.<\/p>\n
\u201cAccessing the assets of the fund before meeting a condition of release, even if it\u2019s to support a member\u2019s business, still constitutes illegal early access,\u201d he said.<\/p>\n
\u201cFor more serious breaches there are a range of sanctions that we may apply. For instance, in 2021\/22, we disqualified 252 trustees in total for serious breaches of the law, while other contraventions attracted administrative penalties totalling $3.4 million.\u201d<\/p>\n
Mr Micale told attendees that while financial stress does entice people to tap into the super fund before they should, some of this is being driven promotors or illegal early release schemes.<\/p>\n
\u201cThe other driver is people entering the system when perhaps they shouldn\u2019t. So they are the two areas we are working on,\u201d he said.<\/p>\n
The ATO, he said, will soon release a fact sheet that talks about when people can access their super and the consequences of them doing that when they shouldn\u2019t.<\/p>\n
\u201cAt the same time, our compliance activities will ramp up, so you will see more activity on our end to ensure that those that don\u2019t heed the warnings will face consequences for their actions,\u201d he warned.<\/p>\n
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20 October 2022
\nsmsfadviser.com<\/p>\n
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Recent research by the\u00a0ATO\u00a0has revealed a higher proportion of loans to members and\u00a0non-lodgements\u00a0among\u00a0SMSF\u00a0members with links to small business.<\/em><\/strong><\/p>\n \u00a0<\/p>\n","protected":false},"author":1,"featured_media":1384,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[4],"tags":[],"_links":{"self":[{"href":"https:\/\/actinvest.com.au\/index.php\/wp-json\/wp\/v2\/posts\/1383"}],"collection":[{"href":"https:\/\/actinvest.com.au\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/actinvest.com.au\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/actinvest.com.au\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/actinvest.com.au\/index.php\/wp-json\/wp\/v2\/comments?post=1383"}],"version-history":[{"count":1,"href":"https:\/\/actinvest.com.au\/index.php\/wp-json\/wp\/v2\/posts\/1383\/revisions"}],"predecessor-version":[{"id":1385,"href":"https:\/\/actinvest.com.au\/index.php\/wp-json\/wp\/v2\/posts\/1383\/revisions\/1385"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/actinvest.com.au\/index.php\/wp-json\/wp\/v2\/media\/1384"}],"wp:attachment":[{"href":"https:\/\/actinvest.com.au\/index.php\/wp-json\/wp\/v2\/media?parent=1383"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/actinvest.com.au\/index.php\/wp-json\/wp\/v2\/categories?post=1383"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/actinvest.com.au\/index.php\/wp-json\/wp\/v2\/tags?post=1383"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}