Technically Speaking: ATO Disqualifying SMSF Trustees (Part 2)

As the ATO continues its compliance actions against premature access to superannuation benefits and non-lodgement of returns, this Technically Speaking bulletin follows Part 1 released last year, and takes a look at the growing number of individuals listed on the ATO’s Disqualified Trustee Register.

In the September 2023 quarter, 223 trustees were disqualified and an additional 155 are expected to be added to the ATO’s Register when it is next updated in February to show disqualifications for the December 2023 quarter. 

To ensure transparency of persons disqualified by the ATO from being a trustee of an SMSF, the SIS Act has previously required the Commissioner’s decision to be published in the Government Notices Gazette. From 1 January 2024, the SIS Act now mandates that all ATO disqualification decisions must be published as notifiable instruments in the Federal Register of Legislation. 

Recognising the time lag in updates to the ATO’s register, if you are relying on this new Federal Register to check whether an individual has been disqualified before making any recommendations in relation to the establishment of an SMSF or the admission of new members, be aware that it is currently experiencing significant operational issues. 

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The contents of this resource are taken to be correct at the time of publication.

Disclaimer: Technical Papers contain factual information only and are prepared without considering particular objectives, financial circumstances and needs. The information provided is not a substitute for legal, tax and financial product advice. The information contained in this document does not constitute advice given by the SMSF Association to you. If you rely on this information yourself or to provide advice to other persons, then you do so at your own risk. The SMSF Association is not licensed to provide financial product advice, legal advice or taxation advice. We recommend that you seek appropriate professional advice before relying upon the information in this technical paper. While the SMSF Association believes that the information provided is accurate, no warranty is given as to its accuracy and persons who rely on this information do so at their own risk. The information provided in this paper is not considered financial advice for the purposes of the Corporations Act 2001. © SMSF Association