ATO Guidance – Late lodgment of SMSF returns will trigger change in fund status on Government’s ‘Super Fund Lookup’ website
From 1 October 2019, the ATO will change an SMSF’s status on the Government’s ‘Super Fund Lookup‘ website to ‘regulation details removed’ if the SMSF is more than two weeks overdue on any annual return lodgment due date.
Some Key Points:
- The potential implications of the SMSF having a status of ‘regulation details removed’ are:
– Industry or Retail funds may not roll over any member benefits to the SMSF
– employers may not make any superannuation guarantee contribution payments for members of the SMSF.
- The ATO will reinstate the SMSF’s complying status on the first business day of the month after it has received the overdue lodgments
For clients who didn’t lodge their SMSF return on time for the year ended 30 June 2018 the due date for lodgement of the return for the year ended 30 June 2019 will be 31 October 2019. If you are in these circumstances and making regular contributions to your fund please contact on SMSF Manager Nilay Shah on 03 8419 9800 to discuss your options further.
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