ATO: If you procrastinate, you pay

Key Points A court has fined SMSF trustees $20,000 each for breaching the rules The ATO can avoid court and penalise trustees directly The trustees made if worse for themselves by dawdling Money inside superannuation is yours to spend – when the time comes. If you bend the rules and start spending it early, the Australian Taxation Office can come down heavy. A couple who took nearly $210,000 from their self-managed super fund over three years has been fined $40,000, or $20,000 each, after the Tax Office took them to the Federal Court for breaching the sole purpose test....

Money inside superannuation is yours to spend – when the time comes. If you bend the rules and start spending it early, the Australian Taxation Office can come down heavy.

A couple who took nearly $210,000 from their self-managed super fund over three years has been fined $40,000, or $20,000 each, after the Tax Office took them to the Federal Court for breaching the sole purpose test.

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