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ARTICLE · 27 FEBRUARY 2015

ATO and SMSF contraventions – a new approach!

Cooper Grace Ward
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The ATO has confirmed it will be taking a new approach when an Auditor Contravention Report (ACR) is lodged for an SMSF.

AustraliaTax
Scott Hay-Bartlem
Scott Hay-Bartlem
Clinton Jackson
Clinton Jackson
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At the SMSF Association (formerly SPAA) National Conference, being held this week in Melbourne, the ATO has confirmed that it is 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:

  • unaware of the breach and how it occurred, and cannot discuss the remedial action;

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