I need some advice on a smsf where the fund is non compliant?

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    Lv 7
    3 weeks ago

    I'm guessing that SMSF in Australia is equivalent to the US retirement fund. The SMSF states that the money removed from the account should be used for investment purposes only. Is that what he used it for? Its hard to determine what will happen to your son. Let your son handle his own problems.

  • 3 weeks ago

    My son has a non compliant smsf where he is the trustee. He is currently unemployed and cant pay the ato yearly fees or the ato fines for non compliance which I presume will soon be forthcoming. Xan the ato just rip money out of his bank account for the fines, or do they have to take legal action against him through the courts etc. I am worried that he will be fined and the money taken from his account without notice. Need some expert advice in this area please.

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