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 

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