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Hundreds failed to comply with super laws or raised concerns about their suitability, the office says.
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ATO disqualifies 223 SMSFs trustees
08 December 2023
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8 minute read
The ATO disqualified 223 SMSF trustees in the September quarter.
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SMSF trustees can be disqualified if they fail to comply with the super laws or if the ATO is concerned about their suitability to be a trustee.
The 223 disqualified trustees from the September quarter have now been added to the disqualified trustees register.
The ATO said it would continue to take firm action against trustees who persistently failed to meet their obligations and seriously breach the superannuation laws.
If a trustee has breached the superannuation laws, the ATO recommended they rectify the contravention as soon as possible or it could put their retirement savings and fund's complying status at risk.
Trustees should also consider using the ATO’s SMSF early engagement and voluntary disclosure service.
The office said if a trustee voluntarily disclosed contraventions before the ATO commenced an audit, it would take this into account when deciding what actions it needed to take.
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