Everybody makes mistakes, and SMSF trustees are no different. There are many rules and regulations SMSF trustees must adhere to and which auditors must ensure have been complied with when they do their annual audit of an SMSF.
If your auditor notifies your SMSF of a breach, you may be able to rectify it fairly easily. However, if you receive an ATO notification of a breach by your SMSF it’s important you know what to do, and take action quickly.
It can be quite confronting to receive such a notification and it is not unusual for SMSF trustees to wind up their SMSF as a result.
However, the ATO can also be understanding if a trustee indicates they are prepared to fix the problem quickly. So, to help you get back in their good books, we’ve put together the following steps for dealing with any notice you might receive from the ATO.
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