The penalty must be paid by the trustees, with all trustees jointly and severally liable. The penalty cannot be paid using the assets of the SMSF and trustees cannot seek reimbursement from the fund.

The government supported the Stronger Super recommendation to impose administrative penalties against SMSF trustees on a sliding scale reflecting the seriousness of the breach.

This measure is part of the suite of Stronger Super measures to address potential risks and inconsistent burdens that exist under current law.

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