A person will be liable to an administrative penalty if certain provisions of the Act are contravened in relation to an SMSF. The amount of the penalty is an amount specified in the table below with penalty unit being equivalent to $170.
The administrative penalty can be imposed on either:
– Trustee of an SMSF (either individual or corporate)
– Director of a body corporate that is a trustee of an SMSF joint and several liability of directors