“If your SMSF has a regulatory contravention you have been unable to rectify, we encourage you to use the voluntary disclosure service to advise us,” the ATO said.

“If you voluntarily disclose unrectified contraventions before we commence an audit, your disclosure will be considered in determining the action we take.”

When making a voluntary disclosure, the ATO said the SMSF must provide all the relevant facts, supporting documentation and the rectification proposal or proposed enforceable undertaking.

“You also need to actively engage with us throughout the resolution process,” the ATO reminded.

“When a contravention has occurred, you should continue to work with your appointed SMSF professionals, including your SMSF auditor, to develop a plan or undertaking to rectify them as soon as possible.”