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.
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.
SUBSCRIBE TO THE SMSF ADVISER BULLETIN
- 21 Aug 2016Risks flagged with real estate appraisal valuesBy Miranda Brownlee
- 21 Aug 2016Lawyer challenges ATO view on two fund strategiesBy Miranda Brownlee
- 18 Aug 2017ATO locks in details, addresses panic on real-time reportingBy Katarina Taurian
- 18 Aug 2017Data feeds unreliable for new reporting, says mid-tierBy Miranda Brownlee
- 18 Aug 2017Tax component confusion spurs potential tax liabilitiesBy Miranda Brownlee
- 18 Aug 2017Contributions triple in June quarter, survey showsBy Staff Reporter
- view all
- ATO locks in details, addresses panic on real-time reporting
The tax office has addressed several points of confusion with the new events-based reporting regime, locked in key deadlines, and outlined w...read more
- Data feeds unreliable for new reporting, says mid-tier
With an estimated 20 per cent of SMSFs still encountering errors from data feeds, one mid-tier firm believes the ATO should allow SMSF pract...read more
- view all