The ATO, as the regulator of SMSFs and as part of their compliance programme will, without warning, call SMSF trustees to ensure they are doing the right thing and have good knowledge of their responsibilities. If this does happen there are a few rules of thumb to follow;
1. Be polite.
2. Be honest.
3. Don't panic.
4. Do what is requested.
5. Don't hesitate to contact us.
There are more than 500,000 SMSFs, so it is quite unlikely you will receive this call, but it might well happen. Keep in mind, if you'd like a refresher on your responsibilities Twomeys is here to help.