Tougher Rules for non-lodgement of SMSF annual returns

The Australian Taxation Office will take a tougher stance on the non-lodgement of SMSF annual returns.

SMSFs which have two years or more of overdue lodgements will have their regulation details removed from Super Fund Lookup. ATO will keep the regulation details off Super Fund Lookup until an SMSF’s lodgements are up to date and that will potentially affect rollovers and employer contributions. APRA funds generally will not proceed with rollover benefits to an SMSF that has had it regulation details removed from the register. Also, most employers use Super Fund Lookup before making contributions to an SMSF.

ATO has emphasised that no matter the quality of the advisor or tax agent, SMSF trustees need to recognise that they themselves are the ones who are responsible for their fund.

 

Article Disclaimer: This information should not be considered personal financial advice as it is intended to provide general advice only. The article has been prepared by Superhelp Australia Pty Ltd without taking into account your personal objectives, financial situations or needs. 
 
The information contained in the article may not be appropriate to your individual needs therefore you should seek personal financial advice before making any financial or investment decisions.