Naturally, it is always important for an SMSF to comply with the various laws that govern it. However, I thought this might be a good opportunity to reflect on the latest updates on the compliance landscape. Penalties have increased It was big news when the ATO was granted the right to unilaterally impose monetary penalties [read more]
Establish a new SMSF
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A new Federal Court case underscores the continuing relevance of pecuniary penalties under the civil penalties regime to the ATO’s enforcement toolkit. Facts of the case The facts in Deputy Commissioner of Taxation (Superannuation) v Ryan  FCA 1037 (‘Ryan’) involve a husband and wife, Mr Joseph Ryan and Mrs Carolyn Ryan, who were the [read more]
In an attempt to simplify the SG regime, and reduce the penalties associated with the SGC, the Government has introduced the draft Superannuation Guarantee Legislation Amendment (Simplification) Bill 2015, which if passed, will apply from 1 July 2016. This article will consider the key amendments proposed, and give some practical examples of the difficulties of [read more]