24th April 2014
From July 1, the Australian Taxation Office will have new powers to bolster the sector's standards and prevent the savings vehicles from being rorted.
"It's a bit of a wake-up call for people," says Hewison Private Wealth director and private client adviser, Chris Morcom. "I expect they've probably already got people in their sights." Among those to be closely scrutinised are the 53,900 members of the 27,800 new SMSFs established last year. They will be in line for a new series of punitive measures, compulsory education courses and fines worth up to $10,200 per trustee.
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