The ATO Acting Commissioner Bruce Quigley said he is concerned people are using their Self-managed super funds (SMSF) to invest in property without fully understanding their obligations under the law or some people are seeking to take advantage of certain types of arrangements.
“We have observed that some arrangements are deliberately entered into to get around the law, which can result in the fund’s trustees being disqualified, facing civil penalties or even facing criminal charges. Those marketing properties to SMSF trustees as part of such arrangements could be referred to Australian Security and Investment Commission (ASIC).”
Should you require more information regarding SMSF, please feel free to contact the team at South East Accessfor both business and personal tax advice.
