Australian Tax Office

The Australian Taxation Office has extended its data collection to more rigorously check numbers in FY23 tax returns and cut down on tax cheats. Advisers and their accountants are passing the message onto taxpayers.

With new data showing offshore share investments comprise just 2 percent of total self-managed superannuation fund assets in Australia, advisers are warning SMSFs against overreliance on domestic shares and cash and urging diversification.