ATO reminds use of SMSF early engagement disclosure service
The Tax Office has encouraged SMSFs that are facing difficulties in rectifying regulatory contraventions to use its early engagement voluntary disclosure service.
The self-managed superannuation fund (SMSF) early engagement and voluntary disclosure service provides a single-entry point for SMSF trustees and professionals to engage with the ATO early in relation to any unrectified contraventions.
“If your SMSF has a regulatory contravention you have been unable to rectify, we encourage you to use the voluntary disclosure service to advise us,” the ATO said.
“If you voluntarily disclose unrectified contraventions before we commence an audit, your disclosure will be considered in determining the action we take.”
When making a voluntary disclosure, the ATO said the SMSF must provide all the relevant facts, supporting documentation and the rectification proposal or proposed enforceable undertaking.
“You also need to actively engage with us throughout the resolution process,” the ATO reminded.
“When a contravention has occurred, you should continue to work with your appointed SMSF professionals, including your SMSF auditor, to develop a plan or undertaking to rectify them as soon as possible.”
Tony Zhang
Tony Zhang is a journalist at Accountants Daily, which is the leading source of news, strategy and educational content for professionals working in the accounting sector.
Since joining the Momentum Media team in 2020, Tony has written for a range of its publications including Lawyers Weekly, Adviser Innovation, ifa and SMSF Adviser. He has been full-time on Accountants Daily since September 2021.
