Education

The number of penalty units reflects the seriousness of the breach. At the top, breaches such as lending to members or relatives, prohibited borrowing, and breaching the in-house asset rules carry 60 penalty units — $21,840 at the current value. Failing to meet certain …

Failing to comply with a rectification or education direction is a strictLiabilityoffence, which means it can attract a penalty regardless of intent, and continued non-compliance can lead to more severe action, including disqualification or the fund losing its complying status. The compliance period begins …

For serious contraventions, the ATO can issue a notice of non-compliance, making the fund a non-complying fund. This is not an automatic result of any breach; it is a decision the ATO makes in serious cases, taking into account the nature of the contraventions, …

The ATO may disqualify a person who has contravenedSuperannuationlaw, where the nature or seriousness of the contraventions, or the number of them, justifies it. It may also consider whether the person is otherwise not a fit and proper person to be a trustee. Disqualification …

The most common ways to access super are tied to age and retirement. Preservation age is now 60 for everyone. Broadly, a member can access their super when they reach preservation age and retire, or when they turn 65 even if still working. A …

An SMSF must satisfy three tests to be an Australian super fund. First, the fund must have been established in Australia, or at least one of itsAssetsmust be located in Australia. Second, the central management and control of the fund must ordinarily be in …

Trustees must appoint the approved SMSF auditor at least 45 days before the annual return is due. Leaving it later can make it difficult to complete the audit before lodgment deadlines. The auditor cannot audit a fund where their independence is compromised, so the …