Trustees Be Aware…
From 1 July 2014 the ATO now has new more flexible powers to deal with contraventions made by SMSF trustees. These new laws make trustees more accountable for any breaches in super law, and cover:
- Administrative penalties
- Rectification directives
- Education directions
In the case of an administrative penalty, trustees will be personally liable for penalties of up to $10,200 per contravention. The ATO may also direct trustees to rectify contraventions failure to do so will incur a penalty and may result in stronger action being taken. For first time contraventions the ATO could direct a trustee to undertake an approved SMSF education course.
