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  • Over 920 SMSFs have voluntarily disclosed contraventions

    We understand that sometimes mistakes happen and we encourage you to be proactive when this does happen.

    If you have made a mistake and have contravened the super laws, you should work with your appointed self-managed super fund (SMSF) professionals, including your SMSF auditor, to rectify the contravention as soon as possible.

    If you and your SMSF professionals together cannot rectify the contravention, our SMSF early engagement and voluntary disclosure service is available. The SMSF early engagement and voluntary disclosure service offers a single entry point for SMSF trustees and professionals to engage early with us in relation to unrectified contraventions.

    If you voluntarily disclose an unrectified contravention before we commence an audit, your disclosure will be taken into account in determining the enforcement action we take and the appropriate level of remission of administrative penalties.

    Since this service was introduced in May 2016, we have had over 920 applications where we have been able to work with these trustees and their professionals. This includes accepting rectification proposals to get the SMSF back on track or allowing the SMSF to wind up.

    How to use this service

    To utilise this service, you need to complete the SMSF regulatory contravention disclosure form. You must provide us with all relevant facts, supporting documentation and a rectification proposal or proposed enforceable undertaking and actively engage with us throughout the resolution process.

    Where possible, any outstanding SMSF annual returns should also be lodged prior to utilising the service.

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      Last modified: 19 Aug 2019QC 59940