Super and false or misleading statements which do not result in shortfall amount
17 Feb 2011
The ATO advises that the law has changed to expand the false or misleading statement penalty provisions to include false and misleading statements that do not result in a shortfall amount - see Division 284 of Schedule 1 of the Taxation Administration Act 1953.
These changes apply to all statements made from 4 June 2010 that relate to tax and superannuation (super) laws administered by the Commissioner of Taxation.
The new provisions apply to all tax laws, including a range of super reporting obligations. They include:
- member contribution statements (MCS)
- lost members statements (LMS)
- departing Australia super payment (DASP) reports
- self-managed super fund annual return.
Under the changes there is also a new penalty for making false or misleading statements to an entity other than the ATO if it is required or allowed to be made under tax law – for example:
- a statement made on a rollover benefit statement
- a notice of intent to deduct super contributions or the acknowledgment of such a notice.
For more information, go here