SMSF trustee penalties going up
In last night’s Budget, the government announced an increase in the penalties that can be applied to SMSF trustees.
The increase in the penalty unit, from $170 to $180, has ramifications for SMSF trustees both with late lodgement penalties for the SMSF annual return and with the SMSF administrative penalties regime, according to The SMSF Academy’s managing director, Aaron Dunn.
“For example, a trustee who breaches the requirements of section 65(1) – lending to members, will see a penalty increase of from $10,200 to $10,800 (60 penalty units),” Mr Dunn said.
The increase is expected to take effect from 31 July 2015 this year.
“Whilst it has been a quiet night from the federal Budget, it is likely that the government will ‘ramp-up’ debate on various superannuation tax concessions when they respond to the FSI final report (which is expected to include changes around limited recourse borrowing arrangements) and its tax white paper,” Mr Dunn said.
Written by Katarina Taurian
Wednesday, 13 May 2015
smsfadviseronline.com.au
Latest Newsletters
Hot Issues
- SMSF assets reach record levels amid share market rally
- Many Australians have a fear of running out
- How to get into the retirement comfort zone
- NALE bill passed by parliament
- Compliance focus impacts wind-ups
- LRBA interest rates increase for 2025
- Income-free areas set to increase from 1 July
- Most Spoken Languages in the World
- Middle-to-higher incomes boosting SMSF growth
- Investment and economic outlook, May 2024
- Transitioning into retirement: What you should know
- Plan now to take advantage of stage 3 tax cuts
- Deeming freeze a win for Age Pensioners
- Downsizer contributions can be time critical
- The superannuation changes from 1 July
- The Deadliest pandemics in History
- Winners & Losers
- Budget breakdown – Federal Government Analysis
- Federal Budget 2024
- Getting to a higher level of financial literacy in Australia
- What is the future of advice and how far off is superannuation 2.0?
- Investment and economic outlook, April 2024
- Australia’s debt service ratio ‘extraordinary’: CBA
- Connecting an adviser with your children
- ACCC scam report
- The Shortest-reigning Monarchs in History
- ATO warns trustees about increasing crypto scams
- Aged care report goes to the heart of Australia’s tax debate
- Removed super no longer protected from creditors: court
- ATO investigating 16.5k SMSFs over valuation compliance
- The 2025 Financial Year Tax & Super Changes You Need to Know!
- Investment and economic outlook, March 2024
Article archive
- April - June 2024
- January - March 2024
- October - December 2023
- July - September 2023
- April - June 2023
- January - March 2023
- October - December 2022
- July - September 2022
- April - June 2022
- January - March 2022
- October - December 2021
- July - September 2021
- April - June 2021
- January - March 2021
- October - December 2020
- July - September 2020
- April - June 2020
- January - March 2020
- October - December 2019
- July - September 2019
- April - June 2019
- January - March 2019
- October - December 2018
- July - September 2018
- April - June 2018
- January - March 2018
- October - December 2017
- July - September 2017
- April - June 2017
- January - March 2017
- October - December 2016
- July - September 2016
- April - June 2016
- January - March 2016
- October - December 2015
- July - September 2015
- April - June 2015
April - June 2015 archive
- Reminders and Tax Strategies for SMSFs pre-year end
- End of year tips for SMSFs
- Market Update – May 2015
- SMSF trustee penalties going up
- Contraventions rife among non-advised SMSF trustees
- Dealing with investor uncertainty
- Reserve bank gives the economy a lift
- Retirement planning: the gap between intention and reality
- Market Update – April 2015