The ATO can impose administrative penalties on individual trustees and the directors of corporate trustees if they contravene certain provisions of the Superannuation Industry (Supervision) Act 1993 (SISA).
penalties
SMSFs that breach their obligations – penalties often apply
Being in control of a superannuation fund does not come without responsibilities or obligations and the ATO is now able to hit trustees where it hurts the most (their wallet!) if they forget this. If a trustee breaches any of the sections in the below table, the ATO can impose a fine which is payable […]
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