SMSF trustees can be disqualified if they don’t comply with the super laws or if the ATO is concerned about their suitability to be a trustee.
The 223 disqualified trustees from the September quarter have now been added to the disqualified trustees register
The ATO said it will continue to take firm action against trustees who persistently fail to comply with their obligations and seriously breach the superannuation laws.
If a trustee has breached the superannuation laws, the ATO recommends they rectify the contravention as soon as possible otherwise the ATO warns they are putting their retirement savings and fund’s complying status at risk.
Trustees should also consider using the ATO’s SMSF early engagement and voluntary disclosure service.
If a trustee voluntarily discloses contraventions before the ATO commences an audit, it will take this into account when deciding what actions it needs to take.
