ATO Targeting SMSFs
Are you and your Self Managed Super Fund protected from the latest changes???
Recently, the Government introduced Section 166 into the SIS Act 1993 (rules of SMSF). This was to give the ATO more IMMEDIATE power to penalise trustees of SMSF’s if their fund was found to have breached under this Section of the (SIS Act 1993). Currently the ATO have recognised 17 common breaches that have a penalty attached.
As you know, SMSF regulations are very complex and change all the time and if the ATO find you (trustee of the fund) have breached these regulations they can now simply impose a penalty of up to $12,600 per breach (called a Trustee Administrative Penalty) per trustee! paid DIRECTLY out of your pocket!!! (It CANNOT be paid out or your SMSF).
In a recent presentation from Dana Fleming, Assistant Commissioner ATO, Ms Fleming stated…
“…. trustees are ultimately responsible and liable for the maintenance of their SMSF and cannot shift the blame to their professional advisers for contraventions.”
“…. trustees may face significant penalties if they don’t comply with the regulatory obligations and requirements that come with running an SMSF. If you don’t run your SMSF properly, we may impose a penalty.”
The ATO wants SMSF Trustees to be more compliance conscious, and to enforce this, it is expected that the ATO will further significantly increase its audit activity on SMSFs over the coming years.
The ATO has issued over $3.3 million in trustee penalties already!! Don’t let it be you!
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