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
…Tag Archives: ATO Rectification Direction
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
…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