ATO encourages trustees to use voluntary disclosure service
The ATO is encouraging SMSF trustees to use its voluntary disclosure service to inform it early if a contravention has occurred.
.
The regulator said managing a self-managed super fund requires trustees to meet certain obligations, which, if overlooked, can result in penalties, so it is important for the Australian Taxation Office (ATO) to know as soon as possible of any issues or mistakes that may have occurred.
It added that each year, an approved auditor must audit the fund, and they are required to inform the ATO about any contraventions that may have taken place. However, it warned that if a contravention occurs, some trustees may not be aware of it for months after.
The ATO said it is in these instances that the SMSF early engagement and voluntary disclosure service can provide support. It can be used at any time to let the regulator know about a contravention that may have occurred rather than waiting for an auditor to notify it after the financial year has ended.
Before using this service, trustees need to develop a plan to rectify the contravention, and it is advised that it is best to speak to an SMSF professional to help with this requirement.
To lodge a voluntary disclosure, trustees must:
- Complete and sign the SMSF regulatory contravention disclosure form.
- Provide all relevant facts and documentation in relation to the contravention.
- Include a plan to rectify the contravention as soon as possible.
A tax professional can lodge the form on behalf of a trustee or lodge it on their own behalf using the Online services for business.
The ATO will take voluntary disclosure into account when determining what actions it will take regarding any contraventions reported by an approved auditor.
Keeli Cambourne
August 23 2024
smsfadviser.com
Hot Issues
- How to budget using the envelope method
- Accountants united in support for changes
- Investment and economic outlook, October 2025
- Stress-test SMSF in preparation for Div 296
- Determining what is an in-house asset can help determine investment strategy
- Beware pushy sales tactics targeting your super
- Call for SMSF ‘nudge’ in DBFO package
- How Many Countries Divided From The Largest Empire throughout history
- How changes to deeming rates could affect your pension payments
- Five building blocks that could lead to a more confident retirement
- Investment and economic outlook, September 2025
- Caution needed if moving assets to children
- Evolution of ‘ageless workers’ sees retirement age rise
- Younger Australians expect more for their retirement
- New NALE guidance still has issues
- Airplane Fuel Consumption Per Minute
- How $1,000 plus regular contributions turned into $823,000 through compounding
- Common sense the best defence against fraudsters: forensic auditor
- Investment and economic outlook, August 2025
- New report highlights confusion over BDBNs
- How ‘investment procrastination’ could be hurting your wealth
- ATO warns that SAR lodgments are on its radar
- Compassionate release warning issued
- The biggest earthquakes in history : (1905–2025)
- How financial advice can reduce stress and save time
- How personal data could boost your retirement income by up to 50%
- Investment and economic outlook, July 2025
- ATO flags October SAR lodgment date
- Death benefits not reliant on probate
- Challenges with TBC increase for those in pension phase
- Avoid LRBA structure short cuts
- The rise and fall of the world’s largest economies | GDP Epic Battle (1560–2025)
