20th August 2016 | SMSF
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.
The information in this publication is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavour to provide accurate and timely information, we do not guarantee that the information in this newsletter is accurate at the date it is received or that it will continue to be accurate in the future.