New legislation has given the Australian Tax Office (ATO) powers to ensure Self-Managed Super Fund (SMSF) trustees comply with their duties and obligations. For SMSFs with individual trustees, penalties will apply to each individual trustee. This means the penalty will be multiplied by the number of trustees in the SMSF. However, corporate trustees will only incur one penalty.

If you are a trustee of a SMSF, it’s important to be even more vigilant in your record-keeping and carefully monitor the transactions your fund undertakes. For more information, contact us or visit the ATO website