Notice to all SMSF Lenders: The importance of complying with the SIS Act
Lenders should be acutely aware of the severe implications associated with breaches of the Superannuation Industry (Supervision) Act 1993 (SIS Act) and its regulations by Self-Managed Superannuation Funds (SMSFs). Such breaches can result in substantial civil and criminal penalties, including hefty fines for serious violations, as specified in sections 193 and 196 of the SIS Act. These contraventions not only threaten the SMSF’s status as a complying superannuation fund but also may lead to severe tax repercussions.
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