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  • Helping you understand our approach to SMSF contraventions

    We have recently released PS LA 2020/3 Self-managed superannuation funds - administrative penalties imposed under subsection 166(1) of the Superannuation Industry (Supervision) Act 1993 (SISA).

    This Law Administration Practice Statement provides guidelines for the administration of penalties including the circumstances we take into account when considering remission. It acts as an instruction to ATO staff and ensures a consistent and transparent approach.

    By law, an administrative penalty is imposed on the trustees of an SMSF if certain contraventions occur. We know that the majority of SMSF trustees do the right thing, with around 2% of SMSFs being reported with contraventions each year.

    If contraventions occur and have not been rectified, get in contact with us as soon as you can and make a voluntary disclosure. Your voluntary disclosure, steps taken to rectify the contravention and compliance history will all be considered when determining the remission of any administrative penalties.

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      Last modified: 15 Oct 2020QC 64054