Coronavirus (COVID-19) updates from the Australian Government

Administrative Consequences and Penalties for Trustees of SMSFs

This consultation process has now been completed. Submissions available
Date
-
Consultation Type
Exposure Draft

Key Documents

The Government has released for public consultation an exposure draft of legislation introducing administrative consequences and penalties for trustees of self managed superannuation funds (SMSFs) and the accompanying explanatory material.

This measure will implement one of the Government's Stronger Super reforms relating to the SMSF sector.  This measure will provide the Commissioner of Taxation (Commissioner) with additional tools and more flexibility to deal will non-compliance with the law.  These new tools will be available in conjunction with the Commissioner’s existing powers to regulate the SMSF sector.

Submissions

9 submissions were received for this consultation, including 2 confidential submissions.

AIST - pdf 391.77 KB
ASFA - pdf 45.11 KB
Frost, Bruce - pdf 36.89 KB
ICAA - pdf 243.82 KB
SPAA - pdf 322.46 KB