In recent times the ATO has significantly increased its focus on any and all related-party dealings with SMSFs, including those involving related-party tenants. As a result accountants and SMSF auditors are increasingly applying additional scrutiny.
We’re now at the pointy end of the compliance deadline, though we expect a substantial proportion of the accounting industry will be not SMSF independence ready and are heavily relying on the expectation and good nature of the ATO to indefinitely extend deadlines. Conversely, the ATO is providing consistent signals that it is becoming less tolerant.
I have previously written in other articles of the dangers of complicated transactions involving SMSFs: dangers that typically arise due to a lack of knowledge relating to specific sections of the SIS Act or how the regulator is now interpreting them.
An inevitable part of being a professional in the SMSF space is that, occasionally, trustees will seek to venture away from the calm and unexciting waters of listed shares and term deposits and wade into the dangerous waters of semi-related unit trusts.
There is a growing realisation within the industry that a substantial number of accounting and administration firms will be impacted by the new Independence Guide issued under APES110.
