SMSFs making a voluntary disclosure regarding a breach should also have evidence of work undertaken to fix the problem and prevent more issues occurring.

The ATO’s early engagement and voluntary disclosure service should only be used if a contravention of the superannuation rules has occurred.

SMSF trustees are unlikely to receive discretion from the ATO for a breach of payment standards due to the effective control obligations applied to their funds.

SMSF trustees have been encouraged to disclose contraventions to the ATO as failure to engage may impact the regulator’s enforcement actions.