From www.dbalawyers.com.au: The ATO can disqualify an individual from managing a self-managed super fund after serious contraventions, as demonstrated in the case of Oladokun Omibiyi, who frequently withdrew SMSF funds for personal use without rectifying the issues.

Despite his late repayment of the outstanding loan balance, the Administrative Appeals Tribunal upheld the disqualification due to the applicant’s repeated breaches over several years and lack of timely rectification.

Factors that could potentially mitigate disqualification include completing educational courses, timely lodgment of annual returns, and demonstrating accountability for past actions.