It’s been an exhausting twenty-one month ultra-marathon.
Frazzled accountants on the frontline supporting small business Australia as they navigated the Covid-induced turbulence.
Hang in there. It’s just a few short weeks. The finishing line is in sight. Then a holiday. Mobiles diverted to message-bank, emails to out of office auto responders.
A break, a rest at last.
However, it would be remiss of me if I did not bring a few things to your attention.
1. The ATO is ramping up its enforcement activities.
The ATO made allowances for Covid but is full steam ahead, issuing late lodgement notices to trustees; ‘please explain’ letters to accountants and auditors.
It is particularly concerned about the integrity of the SMSF regime. And potential fraud and abuse under the blanket of Covid confusion.
At TriSuper Auditors we are still conducting multi-year audits on finds. Working through outstanding 2020 audits.
For most of the accountants it has been a case of catching up on outstanding compliance work. In an era in which frontline support came first.
A few though are burying their heads. Overwhelmed.
It’s ok.
The ATO is considerate. As long as you are proactive.
A voluntary disclosure of tardiness or breaches will typically see the ATO take a reasonable and empathetic line.
Just do not ignore the late notices. Get on the front foot.
And if you have any concerns or questions just get in touch. We are here to help.
2. New super roll-over systems.
As of 1 November 2021, the ATO instituted a new system of rolling monies in and out of an SMSF.
It is no longer a question of sending or receiving money. Monies must be transferred through an ATO compliance portal.
It’s there to ensure all monies are compliant, in particular from third parties and employers to ensure all SCG payments have been made.
It puts SMSFs on the same compliance regime as industry funds.
To find out more read the ATO info here.
And as always, if you have any questions or areas you are uncertain about, please call. We are here to help you.