Warning: the ATO rule that could plunder your super

Superannuation for many Australians is at risk of a 45 per cent penalty tax due to ATO rules around applying your own professional or trade skills to your personal life. 

And who is at most risk of this super rule? Accountants, solicitors, real estate agents and tradies. 

The current rules prohibit transactions with related parties at “mate’s rates” or no rate at all. Even mistakenly using a work laptop to complete a personal task could trigger a breach.

To examine this rule and offer CPA Australia’s view is Richard Webb, Policy Adviser for Superannuation and Financial Planning at CPA Australia. 

Listen now. 

Host: Jennifer Duke, External Affairs Lead at CPA Australia

Guest: Richard Webb, Policy Adviser for Superannuation and Financial Planning at CPA Australia CPA Australia publishes three podcasts, providing commentary and thought leadership across business, finance, and accounting: 

Search for them in your podcast app. 

Email the podcast team at podcasts@cpaaustralia.com.au 

And you can read CPA Australia’s joint submission to Treasury on the non-arm’s length expense rules for superannuation funds. 

For further reading, there is a media release by CPA Australia on this topic.