From 1 July 2014, a legislative change will allow the ATO to apply a broader range of penalties and directions for SMSF breaches.
These penalties will be imposed on each trustee.
As an example, for an SMSF with four individual trustees, the ATO will impose a penalty on each trustee.
Recent changes to superannuation legislation, called Superstream, effects all employers and superannuation fund trustees. From 1 July 2014, employers with 20 or more employees are required to send contributions electronically to all superannuation funds, including self-managed superannuation funds. For employers with less than 20 employees, the new legislation starts on 1 July 2015.
Tax agent
80927009
