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Super update from the ATO

Some SMSF statistics
As at 30 September 2013, there were over 516,000 SMSFs holding around $531 billion in assets.

Although SMSFs are nearing one million SMSF members (980,000), or 8% of the 11.6 million members of Australian super funds, they account for 31% of the $1.6 trillion total super assets as at 30 June 2013.

Common problems and ATO audit action
The top contraventions reported to the ATO on auditor  contravention reports relate to:

  • loans;
  • borrowings;
  • a lack of separation of assets;
  • in-house assets;
  • not investing at arm’s length;
  • making acquisitions from related parties; and
  • sole purpose breaches.

This year the ATO will review every fund reported to it by approved SMSF auditors.

In 2012/13, the ATO’s audits:

  • made 150 funds non-complying; and
  • disqualified 440 people from being a trustee.

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