ATO Report Released - Top Contravention Areas for SMSF
The ATO has released valuable data that outlines where the highest proportion of contraventions occurred in the previous financial year and how many have since been rectified.
The review has shown that 7,900 SMSF's had auditor contravention reports lodged with a total of 20,500 contraventions.
The report shows there has been a decrease compared to the previous year of 4% in the number of SMSFs with an ACR and a decrease of contraventions by around 7%. Just under half of those contraventions reported to June 2016 were reported as rectified.
Commonly reported conventions include:
- Loans or financial assistance to members
- In-house assets
- Separation of assets
The report also showed that the average balance of an SMSF member was $590,000 and the median balance was $355,000 with female member balances lower than that of males.
See original article here.