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SMSFs that breach their obligations – penalties often apply

31 Mar 2016
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Being in control of a superannuation fund does not come without responsibilities or obligations and the ATO is now able to hit trustees where it hurts the most (their wallet!) if they forget this.

If a trustee breaches any of the sections in the below table, the ATO can impose a fine which is payable by all of the trustees (even by those who did not participate in the breach) out of their own pocket.

016b-ATO-penalties---dist-30-march-1

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