The incentive of increased control has been one of the main factors in the growth of self-managed superannuation funds (SMSF). However, as a trustee of a SMSF, control comes with increased responsibility.
Since 1 July 2014 the new ATO penalty regime has allowed the ATO to impose directions to undertake education, enforce rectification of any breaches, and issue administration penalties. Importantly, any penalties are levied on the trustee of the SMSF and cannot be paid out of the SMSF. The following article by Mike Taylor highlights the regulative activities undertaken by the ATO in the SMSF segment over the last financial year.
THIS ARTICLE APPEARED IN OUR SEPTEMBER 2015 NEWSLETTER.