{"id":1511,"date":"2023-03-28T05:17:03","date_gmt":"2023-03-28T05:17:03","guid":{"rendered":"https:\/\/actinvest.com.au\/?p=1511"},"modified":"2023-03-28T05:17:04","modified_gmt":"2023-03-28T05:17:04","slug":"more-smsf-members-accessing-funds-without-meeting-conditions-ato","status":"publish","type":"post","link":"https:\/\/actinvest.com.au\/index.php\/more-smsf-members-accessing-funds-without-meeting-conditions-ato\/","title":{"rendered":"More SMSF members accessing funds without meeting conditions: ATO"},"content":{"rendered":"<p><strong>The ATO said it is seeing a rise in behaviours which indicate SMSF members may be accessing their funds before meeting the conditions of release.<\/strong><\/p>\n<p><img loading=\"lazy\" alt=\"\" height=\"300\" src=\"https:\/\/acctweb.com.au\/images\/fp-smsf-not-meeting-ATO.jpg\" width=\"475\" \/><\/p>\n<p>.<\/p>\n<p>\u201cFor instance, there has been an increase in the number of SMSFs not lodging their annual returns and in the reporting of regulatory contraventions involving loans to related parties, in-house assets and breaches of the payment standards,\u201d the Tax Office said in a statement.\u00a0<\/p>\n<p>\u00a0\u201cFor those new to the system a key indicator of illegal early release relates to SMSFs that fail to lodge a return in their first year of operation.<\/p>\n<p>\u201cThis figure has increased from approximately 3000 for the 2019 financial year to around 5400 for the 2021 financial year. For those lodging and being subjected to an independent SMSF audit,\u00a0loans\u00a0and in-house assets account for the highest proportion of\u00a0contraventions reported in\u00a0auditor contravention reports at around\u00a019 per cent\u00a0and\u00a017 per cent\u00a0respectively.<\/p>\n<p>However, the SMSF Association said it was not aware of the increase.<\/p>\n<p>\u201cWe are not aware of the exact reasons why the ATO are experiencing an increase in super money being accessed before a condition of release has been met but we fully support the ATO\u2019s compliance approach,\u201d said Peter Burgess, CEO of the SMSF Association.<\/p>\n<p>\u201cIt\u2019s important SMSF trustees understand the preservation rules and that they do not access their retirement savings before they are legally able to do so. It\u2019s important they understand their obligations as an SMSF trustee which also includes the requirement to lodge an annual return with the ATO by the required due date.<\/p>\n<p>\u201cThe ATO\u2019s recently released fact sheet on illegal early access provides a very useful summary of the preservation rules, and we encourage SMSF practitioners to make this publication available to existing and prospective SMSF trustees.\u201d<\/p>\n<p>The fact sheet\u00a0Illegal early access to super | Australian Taxation Office (ato.gov.au)\u00a0warns people of the consequences of accessing their super before meeting a condition of release.\u00a0<\/p>\n<p>\u00a0<\/p>\n<p>\u00a0<\/p>\n<p>\u00a0<\/p>\n<div>\n<div>\n<div>Keeli Cambourne<\/div>\n<\/div>\n<\/div>\n<div>\n<div>24 March 2023<br \/>\nsmsfadviser.com<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p><strong>The ATO said it is seeing a rise in behaviours which indicate SMSF members may be accessing their funds before meeting the conditions of release.<\/strong><\/p>\n","protected":false},"author":1,"featured_media":1512,"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\/1511"}],"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=1511"}],"version-history":[{"count":1,"href":"https:\/\/actinvest.com.au\/index.php\/wp-json\/wp\/v2\/posts\/1511\/revisions"}],"predecessor-version":[{"id":1513,"href":"https:\/\/actinvest.com.au\/index.php\/wp-json\/wp\/v2\/posts\/1511\/revisions\/1513"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/actinvest.com.au\/index.php\/wp-json\/wp\/v2\/media\/1512"}],"wp:attachment":[{"href":"https:\/\/actinvest.com.au\/index.php\/wp-json\/wp\/v2\/media?parent=1511"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/actinvest.com.au\/index.php\/wp-json\/wp\/v2\/categories?post=1511"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/actinvest.com.au\/index.php\/wp-json\/wp\/v2\/tags?post=1511"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}