In a recent update, the ATO said it received a total of 897 voluntary disclosures during the 2022 financial year, the highest amount received in any financial year.
This was an 11 per cent increase from the 2021 financial year when it received 809.
The ATO advised trustees that if they face any issues when managing their SMSF or make any mistakes it’s best to let the ATO know as soon as possible.
“You can use this service at any time to tell us about a contravention that has occurred, rather than waiting for your auditor to tell us after the financial year has ended,” the ATO explained.
“Before using this service, you must develop a plan to rectify the contravention. You should speak to an SMSF professional if you need assistance with this requirement.”
In order to lodge a voluntary disclosure, the ATO said the trustee must complete the SMSF regulatory contravention disclosure form which requires a trustee to provide all the relevant facts and supporting documentation as well as the plan to rectify the contraventions as soon as possible.
Your tax agent can lodge the form on your behalf or you can lodge it yourself via the secure mail function in online services for businesses by post or email.
“If you voluntarily disclose unrectified contraventions before we start an audit, we will take your disclosure into account when determining what other actions we need to take,” the ATO noted.
