The Australian Taxation Office (ATO) has signalled it will be adopting a graduated approach to handling self-managed superannuation fund (SMSF) breaches under the regime which flows from the Government’s Stronger Super regime.
ATO assistant commissioner Stuart Forsyth last week acknowledged the new regulatory powers would help the ATO to deal with non-compliance, but indicated it would not be adopting an unnecessarily draconian approach.
"We’re really looking to use these new powers in a graduated way so that we’re still focused on helping people to comply, but we will have more flexibility and ability to deal with situations where circumstances don’t warrant disqualifying a trustee or making a fund non-complying but where some sanction is still appropriate," he said.
Forsyth pointed to the range of problems still common with respect to SMSF breaches and the measures already implemented aimed at overcoming those problems.
