Strict enforcement action will be taken by the ATO against trustees who are industry practitioners who still have outstanding SMSF annual returns.

The director of a corporate trustee who illegally accessed nearly $900,000 of superannuation has lost an appeal to have their disqualification overturned.

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.