Speaking at the 2018 National SMSF Conference, ATO deputy commissioner James O’Halloran had a few things to say about where the regulator was sharpening its focus on the SMSF sector.
In a broad-ranging speech, O’Halloran acknowledged the "significant role SMSFs play within the Australian financial sector," noting they now represent 27% of assets held in super. "So by any measure," he said, "the SMSF sector is a key part of the Australian super and retirement landscape."
He also mused on the particular role the ATO plays in the SMSF space, saying that it doesn’t act as a prudential regulator but instead aims to “protect the integrity of the sector” by “[addressing] behaviour that seeks to take advantage of the closely-held and concessionary nature of an SMSF, or which seeks to undermine the retirement system by accessing savings in circumstances not allowed under law.”
Here are the behaviours he said the ATO will be
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