compliance options

There is a range of compliance enforcement options that the ATO can apply if necessary – for example, it may direct you to take certain actions to address a contravention of the standard. Administrative penalties may also be imposed for failing to comply with the standard. These penalties will be imposed in line with the ATO’s established principles relating to administrative penalties – which means you should generally not be penalised if you have made an honest and genuine attempt to comply.

Prosecution action may be considered if you persistently and consistently disregard your obligations under the standard.

The ATO collaborates with APRA, which is responsible for ensuring APRA-regulated funds comply with their obligations under the standard.

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