Weekly Tax Bulletin --- Page: 340-341 : 14 March 2008 Original article by Stuart Jones
LexisNexis Summary
The Australian Tax Commissioner is worried that some trustees of new self-managed superannuation funds (SMSFs) are lacking in knowledge. Speaking at the SMSF Professionals Association of Australia conference in Brisbane on 12 March 2008, Michael D'Ascenzo said that an Australian Taxation Office (ATO) survey of new trustees found that 30 per cent did not properly understand the sole purpose test while over 15 per cent did not have an investment strategy in place. D'Ascenzo said that some of the SMSF compliance issue that the ATO will be addressing in 2007-08 include fund borrowings and excess contributions.
