SMSF Association Submission – Review of Tax Promoter Penalty Laws (Consultation Paper)

The SMSF Association welcomes the opportunity to provide this submission in response to the Government’s proposed enhancements to the existing promoter penalties regime.

We acknowledge the important role played by the Australian Taxation Office in protecting the integrity of the taxation system and in protecting taxpayers’ superannuation retirement savings from promoters of illegal early access schemes. Protection of our superannuation savings is vital to preserving the integrity of the superannuation system, retirement outcomes to individuals and the wider costs to Government and the community.