New powers for ATO to address SIS Contraventions

Australian Taxation Office - SMSF & SuperannuationAs of the 18th of March 2014 the Tax and Superannuation Laws Amendment (2014 Measures No. 1) Act 2014 received Royal Assent, which gives the ATO new powers in it’s role as regulator of SMSFs to:

  • Issue Rectification Directions
  • Issue Education Directions
  • Issue Administrative Penalties

These new powers will apply from 1 July 2014. The act also sets penalties for Early Access Scheme promoters, which will apply from the date of Royal Assent, among other non-superannuation tax changes.

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New Feature: SMSF & Super Consultations Tracker

Posted a new page which lists current and recent Treasury consultations relating to SMSFs and Superannuation: Consultations Tracker. Can also be found under the Tools menu. Plan to update this regularly and as needed, but is updated based on the Treasury website.

New Feature: SMSF & Super Legislation Tracker

Posted a new page which lists current Bills and recently passed Acts of the Australian Parliament relating to SMSFs and Superannuation: Legislation Tracker. Can also be found under the Tools menu. Plan to update this regularly and as needed, however it is updated based on the Parliament website.

Video: ATO – SMSF Sole Purpose Test

For those who missed it, the ATO recently published this video about SMSFs and the Sole Purpose Test: http://www.youtube.com/watch?v=u34EYanp0v4

Welcome to SolePurposeTest

Welcome to SolePurposeTest. The purpose of this blog is to provide information, news, updates and commentary relevant for Accountants, Auditors and Planners interested in the SMSF and Superannuation sector. This site is currently undergoing testing and tweaking, so thank you for your patience. You may wish to subscribe via Twitter,… Read More »Welcome to SolePurposeTest