ATO has established a disqualified SMSF trustee register

ATO has introduced a disqualified trustee register that will help SMSF administrators, professionals and other trustees to search for the details of a particular trustee.

The main features of the register are as below:

– the register will be maintained and updated by ATO on quarterly basis
– the register will list the disqualified trustees’ names and suburb where they live
– the register has not included any pre 2012 disqualification
– the register can not reflect any changes of names for the disqualified trustees
– the register does not include any bankrupted trustees
– the register does not capture any disqualified company directors by ASIC
– the register is a downloadable excel spreadsheet

When setting up an SMSF, it is recommended to use this register to make sure the trustees to be appointed are not disqualified. Also when adding a new member, trustees also need to check the register.