We reported last year that the ATO is seeking and the Courts are issuing large fines to Trustees for serious breaches of the SIS Act.

The Federal court has again issued a $40,000 fine to a SMSF Trustee for the making of loans and giving financial assistance to related parties.

The Court makes it very clear that they take into account mitigating circumstances, including co-operation with the ATO in rectifying breaches, when deciding on what penalty to apply.

Taking immediate corrective action once a breach is identified is an essential factor.

TriSuper Auditors have direct experience dealing with the ATO to obtain favourable outcomes for SMSF Trustees at risk of punitive action.

If you have at-risk clients, we would welcome your call to discuss what options are available.