SMSF trustees now face bigger penalties (from 2017/2018 year)

A SMSF trustee must run his or her super fund according to the superannuation rules.

If a SMSF trustee breaks those super rules, financial penalties and other consequences may apply.

Since 1 July 2017, when a SMSF trustee breaches certain super rules, the SMSF trustee can expect to be automatically hit with an administrative penalty ranging from $1,050 (previously $900), and up to a maximum penalty of $12,600 (previously $10,800), depending on the breach.

For more information, see SuperGuide article SMSF trustees now face bigger penalties (from 2017/2018 year).