Powered by MOMENTUM MEDIA
subscribe to our newsletter

New penalty power could expose advisers

Katarina Taurian
06 March 2014 — 1 minute read

The ATO’s new SMSF trustee penalty regime could leave some SMSF practitioners “exposed”, according to The SMSF Academy’s Aaron Dunn.

Late last year, the Coalition announced it will proceed with proposed measures to give the ATO more flexibility and new penalty powers when dealing with non-compliance among SMSFs.

The proposed measures were originally a Cooper Review recommendation and have received widespread support from the SMSF sector, including from AMP SMSF.

Advertisement
Advertisement

However, Mr Dunn said practitioners may be faced with “unhappy” trustees looking to recover costs incurred under the new regime as a result of potentially insufficient advice.

“These new directive, education and administrative powers could potentially leave some professionals exposed, with certain individual trustees looking to point the finger at their advisers who haven’t appropriately discussed their trustee options in establishing and operating their fund,” Mr Dunn said.

The Bill is expected to progress quickly through parliament, meaning the new penalty regime will come into effect on July 1 this year.

New penalty power could expose advisers
smsf logo
smsfadviser logo

Become a pro at SMSF fundamentals and make your clients bulletproof with the SMSF Foundations course. Earn up to 21 CPD hours, and learn directly from Aaron Dunn from Smarter SMSF as he deep-dives into the fundamentals you need to know to successfully undertake your work as an SMSF practitioner. Learn more

join the discussion

Latest poll

Do you have clients that are aged 65 or 66 planning to trigger the bring forward rules?

SUBSCRIBE TO THE
SMSF ADVISER BULLETIN

Get the latest news and opinions delivered to your inbox each morning

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.