The ATO is not considering a general extension for late lodgements for SMSF annual returns, but has encouraged people to contact it directly to seek assistance with any problems.

ATO figures show the regulator’s risk assessment action over the past couple of years has protected over $270 million of retirement savings.

The ATO has indicated it expects SMSF trustees to be across the details of their fund’s costs, investment and returns.

The ATO is working towards increasing its use of technology, but the industry needs to be realistic as to how long it will take for this to happen.

An in-house asset breach can still occur if an SMSF ends the lease of an asset to a related party, particularly under suspicious circumstances.

SMSF trustees making a voluntary disclosure about problems with their fund will be considered whistleblowers, allowing the ATO to contact third parties if required.