Independent News For The Australian Public Service
Edition Number 397. Updated Tuesday, 18 February 2014

Your PS News Network

mapoz sa vic nswnsw wawa qldqld apsaps sasa act actact vicvic
World PS News
Midwifery care costs less and is safer

The Australian Taxation Office has launched two YouTube videos covering "hot topics" and introductory information for trustees of self-managed super funds.

Deputy Commissioner, Superannuation, Alison Lendon, launched the videos during the SMSF Professionals Association of Australia (SPAA) national conference last week.

The Government's proposed legislation giving the ATO new powers to address non-compliance by SMSF trustees was also discussed at the conference.

University of Sydney research

If the legislation is adopted, administrative penalties will apply to breaches of super law from 1 July 2014.

This means SMSF trustees will be personally liable for penalties between $850 and $10,200, depending on the provision contravened.

"SMSF trustees should rectify any contraventions as soon as possible or they may face a penalty," said the Deputy Commissioner.

"In some cases these changes will impact the way SMSFs operate so for the ATO our focus will continue to be on education and support to ensure trustees understand the rules."

Loans, borrowings, sole purpose breaches, in-house assets, arms-length and related party investments are the most common contraventions auditors are reporting.

This year the ATO will review every Auditor Contravention Report.

The ATO is also calling on trustees to be aware of changes to SMSF administration and SuperStream, the new data and payment standard reporting rules.

Popular PS Content

International News

Public Service news and events from around the world

Talking Point

In depth discussions on current topical issues

Personal Development

Expert advice in areas such as training, development, grooming and health.

PS Infocus

Photos and faces from PS gatherings

PS Features

A weekly round-up of features of interest to the Public Service

Book Reviews

Reviews of some of the latest, most relevant books of interest to PS News readers

Pick of the Flicks

The latest and best in special interest and collectable DVDs and Blu-Ray movies

Out of Hours

With travel, wine and dine, motoring and movies

Email a friend