Here's what the Tax Office says about Self-managed super fund compliance:
Getting on-track and staying there requires all in the industry to remember that self managed funds attract concessional tax treatment on the clear proviso that they are for the sole purpose of providing retirement benefits for their members.
From day one, our regulatory approach has been to educate and inform self managed fund trustees and their advisers. This is consistent with the approach applied to the introduction of the New Tax System.
We have made it a priority to ensure people understand the rules and their obligations as a way of providing a firm foundation for the high levels of compliance we expect.
Therefore, it has been our preferred option when difficulties come to our attention to sit down with trustees, help them unravel mistakes and get the fund back on the right track.... we have conducted thousands of audits with the principle objective of helping funds to address difficulties and rectify errors.
The evidence we now have strongly suggests these efforts have been effective. Funds established since this educative regime was commenced, are exhibiting improved levels of compliance.
Because our accountants and auditors have "virtual practices" they save considerable money in overheads and pass that savings onto you.
Compliance assistance on-line and tax on-line, at a time to suit you. Strict compliance is a legal requirement. Hourly rate $250 per hour including GST.