Powered by MOMENTUM MEDIA
Powered by MOMENTUM MEDIA
subscribe to our newsletter
Trustees reminded of benefits of early engagement

Trustees reminded of benefits of early engagement

Reporter
31 May 2016 — 1 minute read

The ATO has reminded SMSF trustees of the advantages they will have, including when it comes to penalty consideration, if they are upfront about unrectified contraventions.

SMSF trustees can come forward to the ATO with unrectified contraventions via the voluntary disclosure service. This service is effectively a single entry point for SMSF trustees and professionals to engage early with the ATO where a fund has such contraventions.

If SMSF trustees opt to voluntarily disclose, this action will be taken into account when determining the enforcement action to be taken and the appropriate level of remission of administrative penalties.

Advertisement
Advertisement

As part of the process, the trustee is required to provide the ATO with all relevant facts, supporting documentation and a rectification proposal or proposed enforceable undertaking.

The trustee should actively engage with the ATO throughout the resolution process.

The superannuation division of the ATO generally encourages a consultative approach with the SMSF sector, and has reiterated in the past that being upfront about potential compliance issues ultimately can be beneficial for the trustees and the fund.

Read more:

Technical details flagged as key deadline extended

ATO extends looming LRBA deadline

SMSF firm launches robo advice tool 

New compliance tool launched by audit software firm 

Trustees reminded of benefits of early engagement
default
smsfadviser logo
join the discussion

Do any of your clients have related party LRBAs?

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.