The ATO has released a new tax governance guide that can be used by SMSFs. The ATO has worked with businesses to design a guide to help private groups with tax governance. The guide also provides practical guidance about the key elements of SMSF governance. When managing an SMSF, trustees need to apply a high level of governance to meet the requirements of both the income tax and superannuation laws.
SMSF trustees can use this guide to develop an effective governance framework and to identify ways to improve existing governance practices within their SMSFs. Issues covered in the guide include:
- corporate governance and tax governance;
- starting your business;
- business expansion;
- funding and finance;
- philanthropy;
- succession planning;
- exiting a business;
- retirement planning (covering SMSFs and CGT small business concessions); and
- estate planning.
