The Federal court in a recent judgement imposed $40,000 fines on the trustees of a SMSF for loaning $210,000 to themselves over a three year period.
The ATO and Courts are getting tough and cracking down on new and recurrent SMSF breaches.
For more info read this summary of the new penalty regime.
We cannot stress enough the importance of identifying and addressing breaches that are found during the audit of your clients’ SMSFs each year.
Taking proactive action to deal with and correct breaches will be looked upon favourably in the event of an ATO audit.
It is never too late to take corrective action.
We have experience dealing with courses of action to take when dealing with Trustees and the ATO to correct SIS breaches. Proactive Trustee behaviour is the key to avoiding fines.
TriSuper Auditors is here to help and happy to discuss particular client circumstances.
Read about the most common compliance issues that we’re finding in this year’s audits.
If you would like help with any of these issues, please contact Joel Curry directly on
1300 TRISUP
or 02 4961 2788