In a recent article from the SMSF Adviser, it's been found that the ATO's chief compliance concerns continue to centre around the same mistakes re-occurring year in and year out.
The common compliance issues are causing a knock on effect for the ATO with the stand out issue being the failure to lodge on-time being the headline item on the ATO's compliance watch list.
The ATO continues to focus its compliance resources on auditors who prepare SMSF accountants and statements for SMSF that they audit with 92 auditors to be further scrutinised due to their role acting as both tax agent and SMSF audit for their client.
Auditor independence has been a recurring theme for the ATO over recent years, yet many firms have found it difficult to separate their auditing work from their tax agent and related advice wit SMSF clients.
Trouble spots for the ATO compliance team include:
- Insurance of collectibles (which should be in their fund's name)
- Storage or display of the collectable not being at the premises of the related party
- Death benefit nominations including trust deed completion
See original article here.
