Equipping professional accountants for sustainability
The International Federation of Accountants has developed a concise resource to guide accounting professionals and...
READ MORE
The Tax Office is encouraging SMSFs and their auditors to voluntarily disclose contraventions of superannuation law.
The Australian Taxation Office has encouraged SMSFs and their auditors to rectify contraventions to super law once they become aware of it, revealing that in the past three years 920 funds have voluntarily disclosed contraventions.
The Tax Office advised that if funds voluntarily disclose an unrectified contravention before an audit is commenced, this will be taken into account in determining the ATO’s enforcement action and the appropriate level of remission of administrative penalties.
“We understand that sometimes mistakes happen and we encourage you to be proactive when this does happen,” said the ATO.
“If you have made a mistake and have contravened the super laws, you should work with your appointed self-managed super fund (SMSF) professionals, including your SMSF auditor, to rectify the contravention as soon as possible.”
The Tax Office added that its SMSF early engagement and voluntary disclosure service is available for SMSF professionals who are unable to rectify the contravention on their own.
“The SMSF early engagement and voluntary disclosure service offers a single-entry point for SMSF trustees and professionals to engage early with us in relation to unrectified contraventions,” it said.
Funds that wish to voluntary disclose a contravention need to complete the SMSF regulatory contravention disclosure form. The ATO cautioned that any outstanding SMSF annual returns should be lodged prior to utilising the service.