SMSF Trustee Administrative Penalties

Administrative Penalties

Individual trustees and directors of corporate trustees are personally liable to pay an administrative penalty from 1 July 2014 if they contravene the following provisions of the Superannuation Industry (Supervision) Act 1993 (SISA).

The penalty cannot be paid or reimbursed from the assets of the fund.

Directors of corporate trustees are jointly and severally liable to the penalty. Individual trustees are each liable to the penalty.

Penalties may be wholly or partially remitted depending on the circumstances of each case.

Administrative penalties may also be imposed on SMSF trustees if they make false and misleading statements to the ATO.

More information can be found on the ATO website here.