SMSF – What Happens When Your Funds Breaches The Law?

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      Lesson summary:

      Trustees of Self-Managed Super Funds should notify the Tax Office immediately if they breach super laws, as this may result in a more favourable outcome. The ATO considers the circumstances of the breach, including intention and efforts to rectify it, and may suggest an informal arrangement, an enforceable undertaking or a trustee education course. Trustees may be personally fined or disqualified if the breach is serious enough. A professional can help stay on the right side of the law. Trustees should be honest and take action to fix breaches promptly to avoid penalties.

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