In this edition:
The ATO will soon have new powers to deal with contraventions
The Australian Taxation Office (ATO) will soon have new powers to deal more directly with contraventions reported in relation to Self-Managed Superannuation Funds (SMSF's).
These powers,
granted by the Tax and Superannuation Laws Amendment (2014 Measures No.1) Act 2014, give the ATO new options in dealing with trustees who fail to comply with the strict regulations relating to SMSFs.
Current powers, already used by the ATO, include the ability to:
In addition to these penalties, the ATO will now yield three additional new powers, which can be applied individually or in addition to other penalties:
Broadly, these powers will apply as follows:
Rectification directions
Education directions
Administrative Penalties
Accordingly, if you are considering any significant transaction in relation to your superannuation affairs (including contributing to or withdrawing from your SMSF) you should discuss the potential implications with your Goodwin Chivas & Co advisor on 02 9899 3044 before proceeding.
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