Good article in the Australian Finance Review about the new penalty regime for SMSF’s which is likely to be introduced this year. If you have an SMSF you should read this. If you breach the rules not only can you get a fine but you could be sent back to school!

According to the latest Australian Taxation Office statistics on this issue, about one in 60 DIY funds breaches the rules each year to an extent where its auditor feels obliged to submit a contravention report to the Australian Taxation Office.
Read the full article on the Australian Financial Review online