| 02 9982 2466

New super reforms for SMSFs

In the 2011-2012 Federal Budget, the government announced a range of super reforms that would be introduced for self-managed super funds (SMSFs). These were designed to improve the super system and better safeguard the retirement savings of Australians. If passed by parliament, the following changes will into effect over the next couple of years:

  • the ATO will apply administration penalties for non-compliance by SMSF trustees
  • there will be a knowledge and competency requirement for SMSF service providers, including the registration of SMSF auditors
  • SMSFs will need to value their assets at net market value
  • the ATO will collect and publish data on SMSFs
  • the registration and rollover processes of SMSFs will be changed
  • illegal early release penalties will be introduced to deter the use of SMSFs for illegal activity
  • SMSF auditors will require registration

Posted on 13 September '11 by , under Business.

Leave a Comment

You must be logged in to post a comment.

Join Our Mailing List!

Subscribe to our mailing list to receive all the latest financial newsletter updates as well as information on important dates on our business calendar.

Recent Updates

Firm News

Amnesty means that 24,000 businesses own up to underpaying Aussies superannuation

An amnesty scheme which ended earlier this month has caused around 24,000 businesses to admit to underpayment of their worker's super. A total of 588 million dollars will be distributed to almost 400,00 individuals.

The scheme, which covered payments from the introduction of super in 1992, gave employers the opportunity to come clean without any consequences as long as they paid the unpaid super as well as 10% interest for every year the money was overdue.

The ATO will be directing its attention at any businesses that did not admit fault and these businesses will face severe penalties.

Many individuals are looking to access their superannuation early in order to have support during these times. Although there is criticism of early access to super, this facility has been helpful to many families to keep afloat.

Business Calender