SMSF contraventions increase during the 2023 financial year

There has been an increase in non-complying SMSF funds during the 2023 income year. This has resulted in the ATO imposing a higher number of sanctions compared to previous years, including:

• an additional $29 million in income tax liabilities, administrative and tax shortfall penalties, and interest on SMSF trustees and/or members, and
• disqualifying 753 trustees who have now been added to the ATO’s public register.

The ATO recommends SMSF trustees voluntarily disclose contraventions before an audit is commenced, so that this can be taken into account before sanctions are imposed.