ATO eyes SMSF voluntary disclosure service
The ATO is currently working on a voluntary disclosure service for SMSFs in an effort to avoid penalties such as the prosecution and disqualification of SMSF trustees.
Nathan Burgess, director, SMSFs, income tax and regulatory risk mitigation at the ATO, revealed details of the proposed program at the SMSF Adviser Technical Strategy Day in Melbourne this week.
SMSF trustees would only be eligible for this proposed service where there is a serious breach that places the future of the SMSF at risk.
There will also be conditions on the program, including that the ATO will require full disclosure and a proposed resolution from the trustee.
Further, the breach needs to be inadvertent, and the service is only available once per SMSF.
In recognition of their cooperation, however, SMSF trustees who use the service will not be subject to the most serious penalties, including prosecution, non-compliance and disqualification.
“We are trying to develop a useful service that shows that we can work together to resolve mistakes without serious financial penalties or stress on the trustees and their professionals,” said Mr Burgess.
“We are hoping to formally launch this service in early 2016, and will be taking into account feedback that we receive this year."