ATO outlines key compliance risks for SMSFs

The ATO has outlined the key compliance risks facing trustees of self-managed superannuation funds (SMSFs) and their advisers over the next few years. Speaking at a recent conference, Assistant Deputy Commissioner, explained the role and responsibilities of SMSF trustees and approved auditors, new rulings and determinations, the Tax Office's compliance focus for 2007-08, key risks and a top 10 checklist. Mr Read also indicated that the Tax Office is undertaking 550 reviews of funds that reported loans of 80 per cent or more of assets.