The Importance of Tax File Numbers and Avoiding Penalty Tax
Any trustees of an SMSF that becomes liable for tax because a TFN has not been quoted should seriously reconsider whether an SMSF is right for them. This penalty is only payable when a member has not given their TFN to the super fund. As the member and the trustee are one and the same in an SMSF, something must have gone radically wrong if an SMSF has to pay this penalty tax.
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