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.
more articles about: guide to superannuation
- employer obligations
- superannuation reforms
- how superannuation works
- should they stay or should they go?
- superannuation contribution changes
- compliance options
- changes to SMSF Levy
- super contributions caps
- how to set up a super for an employee
- how much to pay and when
- help for small businesses
- modern awards
- insurance requirements
- salary sacrifice
- boosting employee super
- superannuation guarantee age limit
- records you need to keep
- the importance of communication