Retirement
Trustees cautioned on long-term disqualification consequences
One international law firm has warned of the lasting and potentially unexpected impact of trustee disqualification which could follow the involved individual “long after” they have left the SMSF sector.
Trustees cautioned on long-term disqualification consequences
One international law firm has warned of the lasting and potentially unexpected impact of trustee disqualification which could follow the involved individual “long after” they have left the SMSF sector.
Speaking to nestegg.com.au’s sister publication SMSF Adviser, Gadens partner Kathleen Conroy noted that in the 12-month period ending 30 June 2015, the ATO disqualified 663 individuals.
This is an increase of approximately 13 per cent from the preceding 12-month period, when 585 individuals were disqualified, and more than double the number disqualified in the 2010-11 year, when that number stood at 330 individuals.
“Disqualification is an attractive option for the ATO. For obvious reasons and for reasons not immediately apparent to those who have not been caught in the disqualification net, it is not so good for the disqualified individual,” Ms Conroy said.
Disqualification will operate for an indefinite period, she noted, putting the onus on the disqualified individual to instigate the necessary steps should they wish to have the disqualification revoked.
“This can be a time consuming, emotionally draining and expensive process,” Ms Conroy said.
Following a decision to disqualify, the ATO issues a notice to the individual, stating their name and including a statement to the effect that, in the view of the ATO, the law has been contravened and this will be published in the Government Notices Gazette.
“The Gazette is published electronically and can be easily accessed by an internet search,” Ms Conroy said.
“Put another way, if you are disqualified an online search against your name will – in the usual course – reveal to the world at large (including employers, colleagues, clients, family and friends) your disqualified and ‘law breaker’ status,” she said.
“A disqualification may be revoked in certain circumstances. A revocation will also be published. However, there is no obligation on the ATO to remove the original disqualification decision from the world wide web.”
RELATED ARTICLES
Self managed super fund
Financial progress hinges on ambition, not income, says Stake Report
Australia faces a financial turning point, with new research from online investment platform Stake revealing a nation divided into two distinct groups: the 'Starters', who invest and feel in control ...Read more
Self managed super fund
OKX targets Australia's $1 trillion SMSF market with new crypto platform launch
In a significant move aimed at capitalising on Australia's burgeoning digital asset market, global onchain technology company OKX has unveiled a new Self-Managed Super Fund (SMSF) expansion on its ...Read more
Self managed super fund
Industry leaders launch SMSF Innovation Council to drive digital transformation
A consortium of finance industry leaders has launched an SMSF Innovation Council to help Australia's $1.02 trillion self-managed superannuation fund industry navigate digital transformation. Read more
Self managed super fund
Superannuation guarantee to be paid on government paid parental leave, says ASFA
The Association of Superannuation Funds of Australia (ASFA) has hailed the government's decision to include Superannuation Guarantee payments with its Paid Parental Leave policy as a critical step ...Read more
Self managed super fund
SMSF experts advise against hasty reactions to potential super tax changes
As the Australian Government proposes a new tax measure on superannuation earnings for balances exceeding $3 million, experts from the self-managed super funds (SMSF) sector are urging members not to ...Read more
Self managed super fund
Federal government announces changes to superannuation contribution caps
The Federal Government has announced changes to the superannuation contribution caps, impacting self-managed super funds (SMSFs) and their members from 1 July 2024. Read more
Self managed super fund
SMSF Association calls for joint effort to tackle early super access
The SMSF Association is calling on a collaborative approach including the Government, the Australian Taxation Office (ATO), the Australian Securities and Investments Commission (ASIC), and the ...Read more
Self managed super fund
Rest Super members file class action over alleged insurance premium deductions
Shine Lawyers has initiated a class action lawsuit against Rest Superannuation (Rest), alleging the unlawful deduction of income protection insurance premiums from members' superannuation accounts. Read more
Self managed super fund
Financial progress hinges on ambition, not income, says Stake Report
Australia faces a financial turning point, with new research from online investment platform Stake revealing a nation divided into two distinct groups: the 'Starters', who invest and feel in control ...Read more
Self managed super fund
OKX targets Australia's $1 trillion SMSF market with new crypto platform launch
In a significant move aimed at capitalising on Australia's burgeoning digital asset market, global onchain technology company OKX has unveiled a new Self-Managed Super Fund (SMSF) expansion on its ...Read more
Self managed super fund
Industry leaders launch SMSF Innovation Council to drive digital transformation
A consortium of finance industry leaders has launched an SMSF Innovation Council to help Australia's $1.02 trillion self-managed superannuation fund industry navigate digital transformation. Read more
Self managed super fund
Superannuation guarantee to be paid on government paid parental leave, says ASFA
The Association of Superannuation Funds of Australia (ASFA) has hailed the government's decision to include Superannuation Guarantee payments with its Paid Parental Leave policy as a critical step ...Read more
Self managed super fund
SMSF experts advise against hasty reactions to potential super tax changes
As the Australian Government proposes a new tax measure on superannuation earnings for balances exceeding $3 million, experts from the self-managed super funds (SMSF) sector are urging members not to ...Read more
Self managed super fund
Federal government announces changes to superannuation contribution caps
The Federal Government has announced changes to the superannuation contribution caps, impacting self-managed super funds (SMSFs) and their members from 1 July 2024. Read more
Self managed super fund
SMSF Association calls for joint effort to tackle early super access
The SMSF Association is calling on a collaborative approach including the Government, the Australian Taxation Office (ATO), the Australian Securities and Investments Commission (ASIC), and the ...Read more
Self managed super fund
Rest Super members file class action over alleged insurance premium deductions
Shine Lawyers has initiated a class action lawsuit against Rest Superannuation (Rest), alleging the unlawful deduction of income protection insurance premiums from members' superannuation accounts. Read more
