SMSFs can be a great investment vehicle for those prepared to get the compliance side of things right. The ATO takes SMSF regulation seriously and has now revealed the top three contraventions it sees among SMSFs. This is a helpful insight into the areas that are frequently tripping up SMSF trustees.
The ATO says it will work with cooperative trustees to help them rectify breaches and get their fund back on track. But even with the best intentions, fixing these problems can be expensive, time-consuming and stressful. Our handy breakdown of the top three compliance traps will help you avoid these headaches.
Proactive planning is the best way to ensure your SMSF investments are compliant and you stay off the ATO’s radar. Contact us for expert assistance with your SMSF’s proposed investments.