SMSF Alliance principal David Busoli said that with the number of random ATO checks of new SMSF registrations increasing, new funds should be more prepared than usual to receive a direct phone call from the ATO.
“The result of an unsatisfactory interview could see their fund registration rejected so some preparation is advisable,” Mr Busoli cautioned.
Mr Busoli said the ATO would ask questions around why they started the fund and who is managing the fund.
“All the trustees are managing the fund together with equal input. They may seek advice from external parties but the trustees are still jointly responsible,” he said.
Trustees also need to be across what their responsibilities are and should be familiar with the contents of the trustee declaration form, he added.
If trustees need more time to prepare, it may be best to ask the ATO to phone back at a more opportune time.
Mr Busoli also pointed out that it’s important to ensure the call is actually from the ATO and not a scammer.
