On 30 September 2013, there were over 516,000 SMSFs holding around $531 billion in assets. Although SMSFs are nearing one million SMSF members (980,000), or 8% of the 11.6 million members of Australian Super funds, they account for 31% of the R1.6 trillion total super assets as at 30th June 2013.
Common problems and ATO audit action:
the top contraventions reported to the ATO on auditor contravention reports relate to:
- a lack of separation of assets
- not investing at arm' length
- making acquisitions from related parties; and
- sole purpose breaches
This year the ATO will review every fund reported to it by approved SMSF's auditors.
In 2012/2013 the ATO audits;
- made 150 funds non-complying; and
- disqualified 440 people from being a trustee