They will try anything to discourage people from managing their own money that they can't access, so now they resort to threats of penalties. Audits are conducted by approved accountants so it's an open door to charge more. At question is the fee for service, in other words charge more and we won't tap on your door, why? So people are put off starting or continuing an SMSF and more control given to the super industry as a whole that can charge higher fees. The motive is so transparent!
ATO warns on SMSF penalties
Staff Reporter May 27, 2014 7:15AM
The Australian Taxation Office has outlined plans to keep a closer eye on self-managed super funds ahead of the introduction of new penalties of up to $10,200 from July, The Australian Financial Review reports.
Matthew Bambrick, assistant commissioner for superannuation at the ATO, said his office would look closely at auditors for signals of illegal activity.
“If it is very low-cost audits being offered, it does make you wonder how they can do it for that price – there might be good reasons, but there might not be,” he said at an Institute of Chartered Accountants conference, according to the AFR.
Mr Bambrick added that the ATO would also pursue phone questioning of trustees considered “medium risk” to see if they are worthy of being bumped to the “high risk” category and consequently face a comprehensive audit.
