We have released our Decision impact statement on the implications of the recent Merchant and Commissioner of Taxation [2024] AATA 1102 decision.
This statement outlines the ATO's views on the decision in this case, which set aside the Commissioner’s decision to disqualify the Applicant under subsection 126A (2) of the Superannuation Industry (Supervision) Act 1993 from acting as a trustee or a responsible officer of a corporate trustee of superannuation entities.
See the full statement for an overview of the facts, including issues decided by the AAT on the trustee's breaches of rules relating to investment strategy, sole purpose test, and financial assistance, disqualification of the applicant as trustee and our view of the decision.
We invite you to advise us if you feel that this decision has consequences that we have not identified. Email PAGSPR@ato.gov.au by 4 October 2024 with your comments.
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