The Australian National Audit Office (ANAO) has released its Performance Audit Report No 40 2011-12 on ATO interpretative assistance for SMSFs. This assistance includes things such as SMSF public rulings, specific advice and written guidance, and SMSF publications.
The ANAO made 2 recommendations concerning the ATO assessing the extent to which interpretative assistance products meet the expectations of the SMSF market, and improving access to SMSF information and interpretative assistance products. The report noted that the volume of SMSF interpretative assistance products delivered by the ATO is small compared with the interpretative assistance products delivered on tax matters. The ATO said it agreed with the recommendations made in the report and undertook to initiate the necessary action to implement its responses to them.
[LTN 110, 8/6]