ATO Report Released - Top Contravention Areas for SMSF
The ATO has released valuable data that outlines where the highest proportion of contraventions occurred in the previous financial year and how many have since been rectified.
The review has shown that 7,900 SMSF's had auditor contravention reports lodged with a total of 20,500 contraventions.
The report shows there has been a decrease compared to the previous year of 4% in the number of SMSFs with an ACR and a decrease of contraventions by around 7%. Just under half of those contraventions reported to June 2016 were reported as rectified.