An excerpt from the Assistant Commissioner Superannuation, Matthew Bambrick’s, speech 2013 SISFA SMSF Forum 17 October, 2013
‘While all of the statistics I’ve discussed show the SMSF sector is in pretty good shape overall, there are always a few issues.
At a general level, what concerns us, as the regulator of SMSFs, are the following:
- we worry about trustees or SMSF professionals who fail to understand their obligations
- we worry about trustees who fail to comply with their obligations, including lodging their annual return
- we worry about approved SMSF auditors who don’t audit funds properly or don’t report contraventions to us
- we worry about SMSFs being deliberately misused, such as being set up for illegal early release or the money in the fund being accessed early, before a condition of release is met, or the SMSF being used for tax avoidance.’
So, be sure you are using an administrator who is happy to work with you and will lodge your SMSF return ontime.