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:

  • loans;
  • borrowings;
  • 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