Self managed superannuation funds

False

The Government is implementing a range of measures relating to self managed superannuation funds. Reforms in this area will improve their integrity and increase community confidence in the sector.

New commencement dates for SMSF Stronger Super measures

Stronger Super Recommendation Announced start date Amended start date
8.2 Legislation should be passed to provide the ATO with the power to issue administrative penalties against SMSF trustees. 1 July 2012 1 July 2013
8.3 SIS legislation should be amended to provide the ATO with the power to issue relevant persons with a direction to rectify specified contraventions within a specified reasonable time. 1 July 2012 1 July 2013
8.4 The ATO should be given the power to enforce mandatory education for trustees who have contravened SIS legislation. 1 July 2012 1 July 2013
8.13  SIS legislation relating to acquisitions and disposals between related parties in SMSFs (but not APRA-regulated funds) should be amended so that, either:

 

  1. where an underlying market exists, all acquisitions and disposal of assets between SMSFs and related parties must be conducted through that market; or
  2. where an underlying market does not exist, acquisitions or disposals of assets between related parties must be supported by a valuation from a suitably qualified independent valuer.
1 July 2012 1 July 2013
8.24 Legislation should be passed to provide for criminal and civil sanctions to enable the ATO to penalise and discourage illegal early release scheme promoters. 1 July 2012 Royal Assent
8.25 The Government should amend existing tax laws so that amounts illegally early released be taxed at the superannuation non‑complying tax rate. 1 July 2012 1 July 2013