SMSF trustees bear many responsibilities and sometimes make mistakes when operating and managing their fund. This is one reason SMSFs need to be audited annually by an independent auditor: so they can pick up any inadvertent breaches you may have made.
If your auditor notifies your SMSF of a breach, there’s no need to panic. You may be able to rectify the issue fairly easily. However, if you receive an ATO notification of a breach by your SMSF, it’s important you know what to do and to act promptly.
Although it can be confronting to receive a breach notice, the ATO is generally 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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