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IGTO outlines top SMSF complaints
While the Inspector-General of Taxation and Taxation Ombudsman has received a relatively low number of complaints relating to SMSFs, some of the common issues relate to delays in rolling over SMSF funds into industry super funds, delays in applying for ABNs and early release of super benefits.
In a submission to the Senate Economics Legislation Committee, the Inspector-General of Taxation and Taxation Ombudsman (IGTO) explained that based on a general keyword search for complaints relating to SMSFs, the IGTO has received approximately 200 complaints relating to SMSFs.
The IGTO also outlined what some of the common issues raised were.
Some of the issues related to ATO audit processes for SMSFs as well as ATO audit decisions including decisions to cancel ABN registrations for SMSFs. There were also complaints made regarding incorrect or incomplete advice from the ATO regarding SMSFs.
One of the other examples of complaints raised related to delays in receiving Australian business numbers (ABNs) for SMSF registration.
Back in July, Heffron senior SMSF specialist Alex Denham pointed out that she had seen longer registration times for SMSF registrations due to increased scrutiny of individuals wanting to establish funds.
In the past, the registration process could take up to 30 business days, but in more recent times, this has extended out to as much as 45 days, Ms Denham said.
Some of the other compliant areas mentioned were delays in rolling over SMSF funds into industry super funds, the ATO contacting incorrect or former trustees of an SMSF, and the amendment of applications for the early release of superannuation benefits.
Miranda Brownlee
Miranda Brownlee is the deputy editor of SMSF Adviser, which is the leading source of news, strategy and educational content for professionals working in the SMSF sector.
Since joining the team in 2014, Miranda has been responsible for breaking some of the biggest superannuation stories in Australia, and has reported extensively on technical strategy and legislative updates.
Miranda also has broad business and financial services reporting experience, having written for titles including Investor Daily, ifa and Accountants Daily.
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