Administrative penalties for SMSF trustees

This proposed measure will introduce new administrative penalties for contraventions of superannuation legislation by trustees and directors of corporate trustees of self-managed superannuation funds (SMSFs). The size of the penalty will depend on the seriousness of the contravention.

The penalty must be paid by the trustees or directors of corporate trustees. The penalty cannot be paid using the assets of the SMSF and trustees cannot seek reimbursement from the fund.

The government supported the Stronger Super recommendation to impose administrative penalties against SMSF trustees on a sliding scale reflecting the seriousness of the breach.

This measure is part of the suite of Stronger Super measures.

Media release

For more information, refer to media release no. 074, Stronger Super - Self Managed Super Fund Reforms, issued on 10 May 2011 by the Assistant Treasurer and Minister for Financial Services and Superannuation.

More information For more information, refer to Stronger Super.