Are You Aware of our SMSF voluntary disclosure service?

Did you know that if your Self-managed Superannuation Fund (SMSF) has a regulatory contravention which you have not been able to rectify, you are eligible to use the ATO's voluntary disclosure service?

If contraventions haven’t been rectified, don’t wait for your independent auditor to advise the ATO. Use the ATO's SMSF early engagement and voluntary disclosure service to voluntarily disclose your regulatory contraventions. This service provides a single entry point for SMSF trustees and professionals to engage early with the ATO in relation to any unrectified contraventions.

When contraventions have occurred, you should work with your SMSF professional to develop a proposed plan or undertaking to rectify them as soon as possible.

By voluntarily disclosing unrectified contraventions before the ATO commence an audit, your disclosure will be taken into account in determining the enforcement action the ATO take. The ATO will do all that they can to assist you to get back on track and minimise the financial impacts by determining the appropriate level of remission of administrative penalties.

You must provide all the relevant facts, supporting documentation and a rectification proposal or proposed enforceable undertaking and actively engage with the ATO throughout the resolution process.

If you make a disclosure about contraventions that occurred in previous years, you must lodge any outstanding SMSF annual returns.