Superannuation Breach Rectification

Self-Managed Super Fund (SMSF) Breach Rectification

Assisting trustees of SMSFs with rectification of contravention of the Superannuation Industry (Supervision) Act 1993

With a PhD from Bond University’s Faculty of Law, (thesis on the law governing superannuation funds), and extensive experience and knowledge in managing trustee breaches of the SIS Act and/or Regulations, Dr Cleary provides clear guidance on breach rectification and any potential consequences prior to involvement by the ATO.

Specialising in complex situations where a breach cannot be easily rectified, Dr Cleary supports Trustees in rectifying breaches with suggestions on the possible actions that could be taken with the consequences, (tax, penalties and interest) of each action.

SMSF ATO Audit or Tax Dispute Resolution

ATO audits or reviews are normally initiated by the ATO because of the Auditor’s Contravention Report, (lodged by the SMSFs auditor), or other information received by the ATO leading to a suspected breach of the SIS Act and/or Regulations.

Dr Cleary will provide advice, manage and represent Trustees in the ATO audit process, or while lodging an objection to a decision made by the ATO if required.

Case Study

SUPERANNUATION BREACH

A company was having financial difficulties so the director borrowed from his self-managed superannuation fund (“Fund”). In due course, the company repaid the loan with interest believing that he was doing the right thing. The auditor noted the breach of the Superannuation (Industries and Supervision) Act 1993 and as required, reported the breach to the ATO. The ATO warned the director of the consequences if the breach was repeated.