The SMSF sector may lack prudential regulation, but the ATO compliance work amply ensures that it does not get astray. The ATO keeps a dual target in mind; it wishes to be an ally to all those who want to play by the rules but are ignorant about them as yet. And at the same time, the ATO also wants to come down hard on those who are deliberately breaking the rules assuming they will get away with it.
Dual target of the ATO: informing and scrutinising
To help SMSF trustees meet regulatory obligations, the ATO is posting horde of information at easily accessible places. There are SMSF-associated videos on YouTube. Soon enough, there will be in excess of 20 videos available to aid trustees with all kinds of information; the broadly relevant, the niche as well as the topical ones.
The webinar series
The SMSF professional webinar series which was launched by the ATO in June was a great success because it had mass enlightenment at the heart of its pursuit. The information was passed in an easy-to-grasp style and many came out richer from the interaction.
SMSF auditors can benefit, too
Not only trustees but auditors, too, can benefit from the ATO’s SMSF compliance initiatives. There is the eSat, free downloadable Super audit tool, and so much more to assist them with reporting obligations. Already, within the ATO’s radar are about 1,000 auditors who, the premier body feels, are circumventing from the job they are given to do.
ATO contravention report
The ATO will also engage in ATO contravention reports in an unprecedented way and this means that the trustees who are being reported by the auditors will need to be right on their toes from here on. There is no substitute to playing by the rules in the SMSF world, one feels.