ATO compliance actions 2014/15

The ATO has advised that during the 2014/15 financial year, it disqualified 660 trustees and issued 92 notices of non-compliance.  Additionally, 44 SMSFs were wound up at the instigation of the ATO and 54 education directions and 27 rectification directions were issued during 2014/15.

To put this into perspective, there were approximately 550,000 SMSFs with approximately 1,000,000 individuals acting as trustees or directors of corporate trustees.  Consequently, less than 1/10 of 1% of SMSF trustees/directors were disqualified and less than 1/5th of 1/10th of 1% of SMSFs were issued notices of non-compliance.