A tax appeal last November resulted in a self managed super fund become non complying. The trustee decided that to appoint an auditor was too expensive and the few transactions didnt warrant keeping of accounting records. The ATO issued a notice deemingt the fund to be a non-complying superannuation fund. A possible consequence of ths is that the assets of the fund can be taxed at the maximum personal marginal tax rate.

No matter how small the fund or few transactions you still need to keep accurate accounting records and produce financial statements and have them audited.

Regards,

Glenn Wallace
Business Adviser
Chartered Accountant
CPA
Australian Registered Tax Agent
Superannuation

This entry was posted on Monday, February 2nd, 2009 at 12:23 am and is filed under Superannuation, Uncategorized. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.