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.