ATO Voluntary Disclosure Service for SMSF Trustees

The ATO has introduced a new service for SMSF trustees who wish to voluntarily disclose unrectified contraventions of the SIS Act and Regulations.It is designed to allow SMSF trustees and SMSF professionals to engage early with the ATO when things go wrong.

The new service encourages SMSF trustees to disclose early any unrectified contraventions, propose what steps will be taken to rectify the issue, and to interact directly with the ATO to secure a positive outcome.

Why should you consider using this service?

The voluntary disclosure service gives SMSF trustees an opportunity to work with their advisors and the ATO to redeem the contravention that has occurred. The ATO has stated that they will take the early disclosure and willingness to engage with them into consideration in their review/audit of the event, and in any decision relating to possible penalties.

When should it be used?

The SMSF early engagement and voluntary disclosure service should be used when it is clear there has been a contravention and it remains unrectified at the time your SMSF auditor reports it to the ATO in an auditor contravention report.

Prior to using this service, it is highly recommended that Trustees engage with an SMSF professional to receive guidance about rectifying the contravention.

The aim is to open up communication with the ATO about breaches reported by the auditor where rectification has not yet occurred. By participating and communicating with the ATO in a pro-active manner, decisions around what steps to take can be discussed and negotiated.

Note: This service cannot be used if you have already received notification of an ATO audit or review in relation to the contravention.

For more information on where and how to use the voluntary disclosure service click here

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