Sky Business News: SMSFs – Don’t become a tax victim

 

On the 1 July this year, the Australian Tax Office (ATO) has the potential to significantly increase its revenue by many millions, when new penalty powers are implemented for self-managed super fund (SMSF) trustees who breach super law.

Based on contraventions lodged in the last financial year, the ATO could potentially fine SMSF trustees an additional $146 million per annum.

Of the 18,000 SMSF contraventions lodged with the ATO in the last financial year, approximately 50 per cent could have incurred penalties based on the proposed new super laws. The maximum penalty charged by the ATO for a contravention is $10,200.

William Buck director Anna Carrabs joined Sky Business News to discuss the issue,