ATO’s early Voluntary Disclosure Service
The ATO has introduced an Early Engagement and Voluntary Disclosure service for SMSF Trustees (or Accountants, Auditors, Financial Planners and other professionals acting on behalf of the Trustee) to report instances of non-compliance with the SIS Regulations. This must be done before the ATO commences an audit.
The ATO expects that it will be provided with all relevant facts, supporting documentation and a rectification proposal or proposed Enforceable undertaking. It also expects that Trustees (or their representatives) will be willing to engage with the ATO throughout the process.
The ATO has indicated that it will take your early disclosure and willingness to engage with them throughout the process into consideration when determining the level of enforceable action and /or applicable administrative penalties.
We are always happy to assist our clients in using this service.
For more details visit, the ATO website: https://www.ato.gov.au/Super/Self-managed-super-funds/Administering-and-reporting/How-we-help-and-regulate-SMSFs/SMSF-early-engagement-and-voluntary-disclosure-service/