In this episode of the SMSF Adviser Show, DBA Lawyers director Daniel Butler talks to hosts Miranda Brownlee and Aaron Dunn about the ATO's new guidance on administrative penalties in PS LA 2020/3 and what it means for SMSFs.

Dan shares his insights on what factors the ATO will typically take into account when deciding to remit a penalty, the types of scenarios where penalties can accumulate to significant amounts and how the PS LA will result in a more consistent approach.

He also stresses the importance of SMSF professionals encouraging SMSF clients to address any compliance issues as early as possible.