Warning on SMSF’s and the War on Professional Services

The ATO has issued a warning to trustees of SMSFs about sloppy valuation practices.

ATO data analysis has revealed that over 16,500 self managed superannuation funds (SMSFs) have reported assets as having the same value for three consecutive years. With many of these assets residential or commercial Australian property, you can forgive the ATO for being incredulous.

AND  The ATO has signalled that it is willing to pursue professional services firms who divert profits to avoid tax.

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