Shelley Banton, head of education for ASF Audits, said the Australian Taxation Office (ATO) had disqualified a record number of SMSF trustees in the past 12 months for not being a fit and proper person, and advisers should be aware of the five main reasons for this occurring.
The ATO has certainly ramped up action against trustees, she said in a recent webinar.
Theres been a 300 per cent increase in the number of SMSF trustees disqualified in the 2023 financial year compared to 2022.
This year, the ATO has issued 753 disqualification notices to SMSF trustees. Ms Banton said the rate of disqualifications is expected to continue at this pace in 2024, with the ATO increasing its compliance activity after a number of funds didnt meet their …
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