SMSFs: new powers to deal with non-compliance
The government has enacted a number of reforms to improve the integrity of the super system. New laws give us more flexible and proportionate powers to deal with contraventions made by self-managed super fund trustees.
The Tax and Superannuation Laws Amendment (2014 Measures No. 1) Act 2014 comes into effect on 1 July 2014 and covers:
- administrative penalties
- education directions
- rectification directions.
Also, from 18 March 2014, new civil and criminal penalties apply to individuals who promote schemes that result in, or are likely to result in, a payment being made from a regulated super fund other than as prescribed by payment standards.
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