Do you have a compliance issue, or think you have a potential compliance issue?
We can review your SMSF, discuss with you, and advise you where there are any existing compliance issues.
Your SMSF may not have a compliance breach, but you are unsure... There is something that is just not right? Maybe you just want another opinion. Talk to us.
Breach rectification
In situation of breach of the SIS Act and/or Regulations, we can provide practical advice on breach rectification and any potential consequence. In more complex situation that may not be easily unwound, we can assist with early engagement and voluntary disclosure to the Australian Taxation Office for a more positive outcome.
Take immediate action.
Mistakes can happen. Where there are contraventions of the rules, a better outcome will be achieved by taking immediate action or have a plan of action and voluntarily disclosing the contraventions to the ATO. We can assist you with this. The ATO will look upon voluntarily disclosure and rectification action favourably. Don’t ignore it hoping it will go away. The problem will compound over time, and can become more and more difficult to unwind.
In cases of immaterial innocent contraventions, it is best to seek advice and rectify the issue. These cases generally do not escalate further.
We always recommend immediate rectification, and where time permits, to have the compliance breach rectified prior to having the annual SMSF audited. This allows the auditor to report to the ATO that the contravention has been rectified.
