January 25, 2013 by stirling
Do you have a Self Managed Superannuation Fund?
As a trustee of the fund you probably know exactly how much money your fund is making, but do you know if you fund is compliant?
The ATO are conducting audits on SMSF’s right now and the penalties for non-compliance can have a massive negative impact on your retirement savings.
Some of the penalties include:
- Loss of concessional tax rate ( ie: the 15% you now pay on earnings could go up to the highest marginal tax rate of 46.5 %)
- Fines apply to breaches such as exceeding the contributions cap.
- Legal Action can be taken in some cases
- Serious breaches can even result in jail time
We will do a health check of your fund and provide a report card with a “Pass” or “Fail”.
Call us now on 02 4261 5506 to arrange a time to drop in your SMSF Binder (Trust Deed , etc) for review.
This report card could save you thousands.