Nov 14, 2020 | SMSF Penalties
Is there a glaring omission in the new Practice Statement Law Administration 2020/3 (PSLA)? It would appear at first glance that s166 SIS doesn’t cover all the reportable breaches of SIS and applies to specific provisions only. While this is technically true,...
Oct 26, 2020 | SMSF Penalties
SMSF auditors have been handed a small, but significant, shift in their responsibility as SMSF gatekeepers by the release of a new penalty regime under Practice Statement Law Administration 2020/3 (PSLA). The PSLA guides ATO staff on how to apply administrative...
Dec 9, 2019 | SMSF Penalties
We’ve entered a new era of SMSF administrative penalties where trustees are facing the consequences of any illegal activity in their funds. The anecdotal evidence suggests that SMSF penalties are being applied hard and fast by the ATO, and not just for a single...
