The ATO has approved an AMP SMSF trustee education course as satisfying the requirements of a trustee education direction.
The ATO has the power, from 1 July 2014, to direct the trustee of an SMSF, or the director of
…Tag Archives: ATO Education Direction
ATO approves new courses for SMSF education directions
The ATO has added two new education courses to the approved list for SMSF education directions.
A course called SMSF Wisdom and the SPAA SMSF Education Program join the already approved CPA/ICAA SMSF Trustee education course.
The 3 Rs of SMSFs: Responsibility, Related parties and Rules
According to the ATO the three Rs for SMSFs are Responsibility, Related party transactions and Rules. This was the topic of a speech given by Stuart Forsyth, ATO Assistant Deputy Commissioner for Compliance, Strategy, Risk and Delivery, Superannuation to the
…ATO Q&A: Admin Penalties, Rectification & Education Directions
The ATO has posted a video of the recent webinars for superannuation professionals covering the new powers the ATO has been given to punish non-compliance with the SIS Act.
The ATO has also published answers to some of the questions
…New course approved for ATO Education Direction
The ATO has approved a second course as meeting the requirements of an Education Direction. This new power granted to the ATO allows notices to be issued to trustees requiring them to undertake a course of education about the obligations
…ATOs powers to address SMSF compliance breaches
The ATO has a number of options available to deal with SMSF compliance breaches:
- Education Directions
- Rectification Directions
- Administrative Penalties
- Enforceable Undertakings
- Allowing an SMSF to wind-up
- Disqualifying Trustees
- Freezing SMSF assets
- Issuing a Notice of Non-Compliance
- Civil and Criminal
New powers for ATO to address SIS Contraventions
As 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