The Tax and Superannuation Laws Amendment (2014 Measures No 1) Bill 2014 was introduced in the House of Reps on Wed 26.2.2014. The superannuation related measures are as follows.
- amend the Superannuation Industry (Supervision) Act 1993 (SIS Act) to introduce civil and criminal penalties for promoters of schemes that have resulted, or are likely to result, in the illegal early release of superannuation benefits. Promoters of illegal early release schemes will face civil and criminal penalties including a monetary penalty of up to $340,000 (2,000 penalty units) or imprisonment of up to 5 years. DATE OF EFFECT: will apply to actions that occur after Royal Assent;
- amend the SIS Act to introduce administrative directions and penalties for contraventions relating to self-managed superannuation funds. The amendments would provide the Commissioner with the power to give rectification directions, such as a direction that a trustee ensure that the fund begin complying with the relevant legislation and education directions to ensure that a trustee’s knowledge of the relevant legislation comes up to the requisite standard. The amendments will also permit the regulator to impose administrative penalties on self-managed super fund trustees for certain contraventions of the superannuation law. DATE OF EFFECT: will apply to contraventions that occur on or after 1 July 2014;
[LTN 38, 26/2/14]