SMSF Compliance Program – audits to double in 2007

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Compliance Program 2006/07

In 2006/07, the ATO will pay particular attention to:

ensuring funds meet the definition of an SMSF and comply with the sole purpose test;
any loans and borrowings; and

complying with the investment rules, including:
acquisition of assets, ownership of assets, and in-house asset rules;
arm's length investments;
investment strategy requirements.

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Bentleys Chartered Accountants and Business Advisors has offices in:

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Regional and suburban Dubbo, Gosford, Ipswich, Maroochydore, Newcastle, Tamworth

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