Cooper Grace Ward is proud to announce prestigious international legal research firm Chambers & Partners has listed lead litigation and dispute resolution partner Rocco Russo and his team in its ...
At the SMSF Association (formerly SPAA) National Conference, being held this week in Melbourne, the ATO has confirmed they are taking a new approach when an Auditor Contravention Report (ACR) is lodged for an SMSF.
The ATO will now telephone trustees of SMSFs (or directors where there is a trustee company) when they receive an ACR to check the trustees or directors are aware of the breach, how it occurred and the action being taken to remedy it. The ATO is aiming to make the call very shortly after the ACR is lodged.
The situation will be escalated to an audit if the trustees or directors are:
If a contravention is identified on an audit, an automatic administrative penalty will apply.
This means that, when an ACR is being lodged for an SMSF, advisers should ensure the trustees or directors are aware they will be very shortly contacted by the ATO and are equipped to discuss the breach and the remedial action under way.
This publication is for information only and is not legal advice. You should obtain advice that is specific to your circumstances and not rely on this publication as legal advice. If there are any issues you would like us to advise you on arising from this publication, please let us know.
Subscribe to our interest lists to receive legal alerts, articles, event invitations and offers.
Cooper Grace Ward acknowledges and pays respect to the past, present and future Traditional Custodians and Elders of this nation and the continuation of cultural, spiritual and educational practices of Aboriginal and Torres Strait Islander peoples.
Fast, accurate and flexible entities including companies, self-managed superannuation funds and trusts.