Tax Laws Amendment (Simplified Superannuation) Act 2007 (9 of 2007)
Schedule 5 Self-managed superannuation funds
Taxation Administration Act 1953
35 After section 288-80 in Schedule 1
288-85 False or misleading statements in approved forms given by trustee of self managed superannuation fund etc.
(1) This section applies to the trustee of:
(a) a *self managed superannuation fund; or
(b) a fund that is treated as a self managed superannuation fund under subsection 10(4) of the Superannuation Industry (Supervision) Act 1993).
(2) The trustee is liable to an administrative penalty of 20 penalty units if:
(a) the trustee gives the Commissioner or another entity a statement in an *approved form in relation to the fund; and
(b) the statement is false or misleading in a material particular, whether because of things in it or omitted from it.
(3) Subsection (4) applies if:
(a) a trustee is liable to an administrative penalty under subsection (2); and
(b) the trustee is a body corporate.
(4) The directors of the body corporate at the time it becomes liable to the penalty are jointly and severally liable to pay the amount of the *tax-related liability in respect of the penalty.
Note: See section 265-45 for rules on joint liability.