Insight Accounting Pty Ltd is a CPA Practice

Beaconsfield (03) 9707 0555

Cranbourne (03) 5995 2700

Pakenham (03) 5940 4555

Warragul (03) 5622 1793

Changes to SMSF regime from July 1, 2014- April 2014

There are some new rules being introduced after July 1 this year that will affect SMSF trustees:

  • the SMSF registration and rollover process will be amended to reduce the instances of funds being illegally released from SMSFs
  • proof of identity checks will be required for all people joining an SMSF, whether they are establishing a new fund or joining an existing fund – although note that identification measures will not apply retrospectively except for existing SMSFs wishing to organize rollovers from an APRA-regulated fund
  • new penalties will be introduced to prevent illegal early release
  • criminal and civil sanctions will be introduced for illegal early release scheme promoters, and

amounts illegally released early will be taxed at the superannuation non-complying tax rate, with an additional penalty that takes into account the individual circumstances.

DISCLAIMER:All information provided in this publication is of a general nature only and is not personal financial or investment advice. It does not take into account your particular objectives and circumstances. No person should act on the basis of this information without first obtaining and following the advice of a suitably qualified professional advisor. To the fullest extent permitted by law, no person involved in producing, distributing or providing the information in this publication (including Taxpayers Australia Incorporated, each of its directors, councilors, employees and contractors and the editors or authors of the information) will be liable in any way for any loss or damage suffered by any person through the use of or access to this information. The Copyright is owned exclusively by Taxpayers Australia Inc (ABN 96 075 950 284).


Insight Accounting Pty Ltd is a CPA Practice

Liability Limited by a scheme approved under Professional Standards Legislation

© Copyright 2014 - Insight Accounting | Accountant Cranbourne, Beaconsfield, Pakenham, Berwick, Narre Warren, Officer, Warragul, Drouin, Tax Returns South East Melbourne | Disclaimer | Privacy Policy | Contact