The benefits of using our voluntary disclosure service

It is important to use our voluntary disclosure service to inform us early if a contravention has occurred.

Managing a self-managed super fund (SMSF) requires you to meet certain obligations which if overlooked, can result in penalties. That’s why it’s important to let us know as soon as possible of any issues or mistakes that may have occurred.

Each year an approved auditor must audit your fund and they are required to inform us about any contraventions that may have taken place. However, what happens if a contravention occurs, and you don’t see your auditor for another 8 months?

This is where using our SMSF early engagement and voluntary disclosure service can help. You can use this service at any time to let us know about a contravention that may have occurred, rather than waiting for your auditor to notify us after the financial year has ended.

Before using this service, you need to develop a plan to rectify the contravention. You can speak to an SMSF professional to help you with this requirement.

To lodge a voluntary disclosure, you must:

• complete and sign the SMSF regulatory contravention disclosure form
• provide all relevant facts and documentation in relation to the contravention
• include a plan to rectify the contravention as soon as possible.

Your tax professional can lodge the form on your behalf or simply lodge it yourself using our Online services for business.

We will take your voluntary disclosure into account when determining what actions, we will take regarding any contraventions reported by your approved auditor.

If you have any questions, feel free to ask them in the comment section. We will be happy to answer all your queries.