NOT LODGING YOUR SMSF RETURNS ON TIME WILL IMPACT YOUR ABILITY TO CONTRIBUTE TO YOUR SMSF

As a Trustee of a Self Managed Super Fund (SMSF), you are obliged to ensure your SMSF Returns are lodged on time.

The ATO have advised that from 1 October 2019, if an SMSF is more than two weeks overdue on any annual return lodgement due date and hasn’t requested a lodgement deferral, the SMSF’s status on Super Fund Lookup will be changed to ‘Regulation details removed’. 

Having a status of ‘Regulation details removed’ means APRA funds won't roll over any member benefits to the SMSF and employers won't make any super guarantee contribution payments for members to the SMSF.

If the SMSF status is changed to ‘Regulation details removed’, contributions will need to be paid into your employers default super fund or a fund of your choice (but not your SMSF). 

Once all outstanding lodgements are received by the ATO, the status will return to “complying” and Members can then request a rollover to their SMSF of any member benefits that may be held outside their SMSF.

If you would like to discuss this further, please contact our office.