• Voluntary disclosure

    Question number

    Frequently asked question

    4.1

    When do I need to make a voluntary disclosure?

    4.2

    How do I make a voluntary disclosure in writing?

    4.3

    What information do I need to include in the declaration?

    4.4

    Can I make a voluntary disclosure electronically?

    4.5

    Does a voluntary disclosure affect the information return?

    4.1 When do I need to make a voluntary disclosure?

    If at the end of the financial year you realise that your private ancillary fund is not compliant with the guidelines.

    4.2 How do I make a voluntary disclosure in writing?

    You can make a voluntary disclosure by writing us a letter. In the letter include the following information:

    • the fund's name
    • the fund's tax file number (TFN)
    • the fund's ABN
    • your name as an authorised person
    • your phone number and address
    • tax agent's phone number and address (if represented)
    • the relevant accounting period(s)
    • an explanation of the disclosure to be made
    • a description of the amount(s) affected
    • a signed and dated declaration.

    You are not required by law to provide the fund's TFN or ABN, but providing it will speed up the processing of your voluntary disclosure letter.

    4.3 What information do I need to include in the declaration?

    Include the following signed and dated declaration on your voluntary disclosure:

    I declare that the information I have given in the document (including any attachments) is true and correct and that I am authorised to disclose this information.

    Voluntary disclosures made in writing may be lodged with the Commissioner:

    • at an ATO site
    • by handing it to a tax officer conducting a review or audit on your entity
    • by posting it to:

    Australian Taxation Office
    PO Box 3004
    PENRITH NSW 2740

    4.4 Can I make a voluntary disclosure electronically?

    You can make a voluntary disclosure online via the Business Portal. To use the Business Portal you will need to register for a free digital certificate.

    Your tax agent can make a voluntary disclosure on your behalf via the Tax Agent Portal. The tax agent will need to ensure that their tax agent number is recorded against the fund's records.

    If we have informed you that we are going to conduct a review or audit you cannot use the above methods to correct any errors. You will need to disclose any errors to the tax officer conducting the review or audit.

    Next step:

    4.5 Does a voluntary disclosure affect the information return?

    The information return should reflect all distributions made during the financial year including those made to an incorrectly endorsed entity.

    If the private AF retrieves the distribution from the organisation or the trustee reimburses the private AF there should be a negative distribution recorded at the time the funds are returned.

      Last modified: 06 Dec 2016QC 24109