Speaking to SMSF Adviser, the ATO’s assistant commissioner, superannuation, Matthew Bambrick said if a contravention that occurred prior to the new penalty regime’s start date of July 1 this year continues after that date, it will be subject to the new penalty regime.
“It’s not just things you do after 1 July that will have consequences; it can be things before 1 July. So it’s important if people have contraventions at the moment that they get them fixed before 1 July,” Mr Bambrick said.
Also speaking to SMSF Adviser, AMP SMSF’s head of technical and policy, Peter Burgess, said this highlights how important it is for trustees to ensure all outstanding breaches are rectified before the new regime starts.
Before 1 July this year, trustees should also ensure they have an electronic service address for their fund if the fund is going to receive employer contributions from a non-related large or medium employer on or after 1 July 2014, Mr Burgess added.
Mr Burgess also noted that trustees should ensure their auditor is registered with ASIC by July 1 this year.