Speaking at the Institute of Chartered Accountants Australia’s annual National SMSF Conference in Melbourne on Mon 16.9.2013, ATO Deputy Commissioner for Superannuation, Stuart Forsyth, outlined ATO policy and the future of SMSFs. Mr Forsyth said around 85%-95% of SMSF trustees were responsible and compliant. He said in the future, demographic issues would shape ATO policy including an increasing focus on tax-free super at retirement age, and the ages at which pensions can commence.
In addition, Mr Forsyth also discussed proposed legislation relating to the penalty regime for SMSF trustees as an important driver of future behaviour. He said the “proposed penalty regime would extend the ability of the ATO to enforce penalties in a more measured way, as an alternative to making funds non-compliant”.
Source: ICAA media release, 16 September 2013
[LTN 179, 16/9/13]