ATO statistics reveal a healthy SMSF sector

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The Australian Taxation Office (ATO) Statistical Overview on the self managed super fund sector for the 12 months to 30 June 2011 draws a picture of continued solid growth, sound

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Hundreds of tax cheats convicted

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In the last quarter, 465 individuals and companies were convicted for tax and superannuation criminal offences resulting in over $1.56 million in fines and penalties. “The ATO pursues tax cheats

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ATO warning to SMSF trustees

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The ATO has warned trustees of self-managed superannuation funds (SMSFs) to be cautious when investing in property. Acting Commissioner Bruce Quigley said he is concerned people are using their SMSF to

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Time running out to lodge tax

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Do your clients prepare their own tax return? If so, they only have a week until the 31 October lodgment deadline. “I urge anyone worried about not meeting the deadline to

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ATO: take care what you declare!

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So far this tax time the ATO has already stopped 58,000 income tax returns containing suspected over claimed or fraudulent refunds. “Each year our ability to match data gets better,

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SMSFs should stay in ATO’s jurisdiction, says SPAA

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The Australian Taxation Office (ATO) is the right regulatory body to oversee the self managed super fund sector, says SMSF Professionals’ Association of Australia (SPAA) CEO Andrea Slattery.   Mrs Slattery

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No escape for tax cheats

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Two thousand individuals and companies were successfully prosecuted for fraud, tax and superannuation offences in the 2011-12 financial year. “Tax cheats are trying to get an unfair advantage, adding to

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ATO says: Make the most of MoneySmart Week

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The ATO is getting involved in Australia’s first ever national, not-for-profit, financial literacy awareness week – MoneySmart Week – running from 2-8 September 2012. MoneySmart Week is an Australian Government

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Scammers target job seekers

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So far this year the Australian Taxation Office has received more than 10,000 reports on a wide range of scams including fake job advertisements, emails and bogus phone calls. “One

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Renovating property inside an SMSF

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Some investors have misconstrued the ATO’s decision to allow SMSFs to renovate older residential housing. Many have missed the point that renovations can only occur for ungeared property if trustees are

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