Contraventions and the ATO – expect a call

Editorial director of Switzer
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If your self-managed super fund isn’t in ship-shape order, don’t be too surprised if you get a call from the Australian Taxation Office this year. The ATO is taking a new approach to contraventions as part of its new penalty and compliance system.

All auditors still need to report contraventions to the ATO via an auditor’s contravention report (ACR) but now the ATO is employing three options to deal with those breaches once it receives the ACR.

Director of SMSF income tax and regulatory programs, superannuation at the ATO, Nathan Burgess, said that in minor cases a warning letter urging the trustee not to make the same mistake again could be issued, but in many cases the ATO would be calling the trustee.

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