ATO: If you procrastinate, you pay

Trustees of an SMSF have been fined $40,000 in a court ruling that may have been less onerous if they’d confessed misdoings sooner and kept to their promise to fix the problem.

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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