Taxman's new power to address Super Fund issues
Wednesday 20 February 2013
The Government has proposed to establish what it calls a fairer administrative penalty regime for trustees of SMSFs for certain contraventions of the superannuation law. Administrative penalties would range from $850 to $10,200. Broadly, the new regime will give the Tax Commissioner another way to encourage recalcitrant SMSF trustees to remedy defects quickly, rather than rely purely on existing heavy-handed enforcement powers.
The changes also propose to give the Tax Commissioner a new power to issue SMSF trustees with “rectification directions” and “education directions” for superannuation law contraventions. A rectification direction may require the person to take a specified action to “rectify” the contravention and to provide the ATO with evidence of the person’s compliance with the direction. An education direction may require a person to undertake a specified approved course of education within a specified time frame and to provide the ATO with evidence of completion of the course.
If implemented, the new regime will apply from 1 July 2013.Back