Why PS LA 2020/3 Covers All SIS Breaches

Why PS LA 2020/3 Covers All SIS Breaches

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,...
SMSF Auditors Challenged by New Penalty Regime

SMSF Auditors Challenged by New Penalty Regime

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...
The New Era of SMSF Penalties

The New Era of 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...