ATO celebrates 20-year milestone of regulating self-managed superannuation fundsOctober 10, 2019

 
The ATO has celebrated its 20th anniversary as the regulator of self-managed superannuation funds on Tuesday 8th October 2019

In 1999, there were about 200,000 SMSFs with 387,000 members, and a total of $55 billion in assets. Today, SMSFs comprise nearly one third of the $2.76 trillion total superannuation assets and cover 1.1 million Australian SMSF members with close to $750 billion or assets.

The ATO notes that whilst its focus is on supporting trustees and preventing breaches occurring in the first instance, the ATO also aims to protect people’s retirement savings by addressing non-compliance in the sector. Compliance activities over the last 20 years have resulted in:

The disqualification of some 3,500 SMSF trustees

Around 2,400 enforceable undertakings being issued to trustees

More than 600 SMSFs being made non-complying

145 SMSF approved auditors being referred to ASIC for further action.

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or click here >>20 years of regulating SMSF’s in Australia

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