Powered by MOMENTUM MEDIA
subscribe to our newsletter

ATO penalties could raise millions

Reporter
03 April 2014 — 1 minute read

The ATO’s new penalty powers will potentially rake in millions of dollars from the SMSF sector, according to Townsends Business & Corporate Lawyers.

In a statement released last week, Townsends said an expected minimum of $150 million in fines will be collected from the SMSF sector following the new penalty powers coming into effect on July 1 this year.

“It would seem that the SMSF sector is certainly doing its bit for the new government’s fiscal responsibility measures,” Towsends said.

The proposed ATO fines range from $850 for “simple” breaches to upwards of $10,000 for breaches such as providing financial assistance to members and their relatives.

Advertisement
Advertisement

Townsends added that it is critical that trustees ensure they are aware of their responsibilities and rectify any breaches immediately to avoid penalty notices.

“Trustees should start considering now whether there are any current breaches that need to be addressed in the lead-up to end of financial year to avoid a nasty fine being imposed,” Townsends stated.

ATO penalties could raise millions
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.