In an article for the website SMSF Adviser, Miranda Brownlee explains how the ATO has pepped up its scrutiny of the SMSF sector and is contemplating stern action on non-complying trustees.
ATO continues to enforce penalties to SMSF trustees
In the year 2014 alone, 585 trustees were disqualified by the ATO. This month, four have already been put out of action. To put things in perspective, the number of disqualifications in the year 2010 was less than 100. ATO has always talked about educating trustees but a few years on, the premier body feels it has been betrayed by the trustees and the need is to enforce penalties and not educate.
You can read the original article here.