Accurate record-keeping is paramount when looking to avoid compliance breaches when withdrawing benefits early from an SMSF in exceptional circumstances.

The ATO will not penalise company directors who did not meet today’s deadline to apply for a director ID if they apply by mid-December.

An extension to apply for the director ID is likely due to the process involved and the large numbers of people yet to meet the deadline.

One million company directors have yet to apply for a director ID a week before the deadline to do so expires.

SMSF trustees and their advisers need to exercise meticulous attention to detail when looking to electronically approve documents for a fund.

Former directors will no longer be required to obtain a director identification number under draft changes released by the ATO.