The new financial year sees the introduction of a new penalty regime for the ATO to levy on SMSF trustees if certain rules are broken.
In summary there are three types of new penalties that can now be imposed on trustees:
- A direction to undertake, at your expense, an education course to improve your knowledge of self-managed superannuation funds,
- Rectify any breaches of the superannuation rules that your fund has not complied with, and
- An administrative penalty for breaching the superannuation rules. The fines range from $850 for minor administrative matters through to $10,200 for more serious matters such as breaches of the rules about the fund’s investments.
This new regime is a timely reminder that the trustee is responsible for the fund, even when employing professional accountants, auditors and financial planners. For further detail please click here.
If you would like some help understanding your fund or other super matters, please feel free to call Michael for advice and planning or Sandy for accounting and compliance on 02 9299 7044 to arrange a time to meet.