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The ATO has recently confirmed they are taking a new approach in instances where a contravention report for a SMSF is lodged by an auditor. Details can be found on the Cooper Grace Ward website.

The good news is that we don’t see many contravention reports for our clients. However, if we determine that a contravention report may be issued by the auditor for your SMSF, we will be in contact with you prior to sending your work to the auditor to discuss the issue so we can determine the best way to manage it.

We also have advice that the ATO is unlikely to have the resources to contact EVERY trustee and that they may be prioritised based on the severity of the issue and in some instances may make contact by post.

As more details of their new approach become known we will keep you updated.

General Advice

The information provided by Bentleys (Sunshine Coast) Pty Ltd does not constitute financial product advice and is for general information only. It is written without taking into account any individuals personal objectives, situation or needs, and is not intended as professional advice. Any person acting upon such information without receiving specific advice, does so entirely at their own risk. Please contact your Accountant to discuss your personal situation before relying on this information.