SMSF Compliance: What’s On The ATO’s Radar?
In a recent speech, ATO assistant Commissioner Justin Micale outlined the ATO’s latest compliance issues for those who operate an SMSF.
ID Fraud and Investment Scams
While ID fraud and investment scams are still rare in the SMSF sector, they are becoming more prevalent.
In the 2022 financial year, the ATO identified increasing numbers of individuals who were victims of identity fraud where SMSFs, were registered without their knowledge or consent. Luckily for most victims; the ATO detected the fraud early, so their super could be protected. Unfortunately, this was not the case for all.