Eureka Correspondence

Tax returns, investing overseas and property.

Bruce Brammall’s article, “The great super release,” about the Eureka Report member who hadn't lodged a tax return for their SMSF for several years sent a chill down my spine.
I have such a fund and I comply with every aspect of the ATO regulations. I use a trusted firm of chartered accountants to ensure compliance.
People like this give SMSFs a bad name and attract the unwanted attention of the ATO and others looking to further regulate an already heavily regulated but concessionally-treated investment vehicle.
I think the need to comply must be emphasised to Eureka Report members. They shouldn’t think that such flagrant breaches of the rules can be easily fixed. Trustees should also know that the costs of not complying can be horrendous. For example the fund can lose its zero tax rate concessions when in pension phase if the required minimum pension is not paid.
BW

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