Director disqualified for breach of SMSF rules

A recent decision by the Administrative Appeals Tribunal (AAT) has upheld the disqualification of a director of a corporate trustee of a self-managed super fund (SMSF) for several contraventions of the Superannuation Industry (Supervision) Act 1993 (SIS Act).

Key Takeaways

• The ATO is empowered to disqualify the responsible officers of a corporate trustee of an SMSF if they fail to satisfy the legislative standards of conduct imposed by the SIS Act
• The late lodgment of annual tax returns may constitute a 'serious contravention' in certain circumstances
• In resolving whether disqualification is justified, consideration is had to the nature, number and seriousness of the contraventions in question