Are you a a member or trustee of a SMSF?
The Tax Office has compiled a list of the top 10 mistakes self-managed superannuation fund (SMSF) trustees make. The list of compliance mistakes compiled by the Tax Office was first introduced in 2005, when contravention reporting began. Since 2005, the Tax Office has been consistently updating the list to reflect the relevant legislation SMSF trustees contravene.
The top 10 compliance mistakes made by SMSF trustees are as follows:
If an administrative penalty is issued to a SMSF, the trustee or the director of the trustee company becomes personally liable, and cannot be paid or reimbursed by the SMSF. Some of the administrative penalties that may be applied to a contravention of the legislation include:
You should ensure all transactions made in a SMSF comply with the trust deed and superannuation rules. Contact us if you require any clarification or advice.
Remember: failure to comply with superannuation legislation can result in severe penalties.