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SMSF scheme promoter slapped with $220k fine, banning

SMSF scheme promoter slapped with $220k fine, banning

The operator of an SMSF scheme facilitating the early release of super has been banned from setting up self-managed funds for seven years and fined $220,000 by the Federal Court.

by Shared by Accountants Daily | Dec 11, 2019

AAT affirms TPB’s termination of tax agent registration

The court heard that Kalangalupe Pavihi had contravened section 68b(1) of the SIS Act through assisting 68 individuals in the establishment or intended establishment of 35 SMSFs. According to court documents, over $800,000 was released from the SMSFs through the scheme.