The ATO considers the lodgment of an SMSF’s annual return on time to be a fundamental part of an SMSF trustee’s obligations.
Consequently, from 1 October 2019, if an SMSF is more than two weeks overdue on any annual return lodgment due date and hasn’t requested a lodgment deferral, the ATO will change their status on Super Fund Lookup (‘SFLU’) to ‘Regulation details removed’ until any overdue lodgments have been brought up to date.
Editor: We can request a lodgment deferral on your behalf to ensure the SMSF’s status remains ‘complying’ (unless the fund does not meet the agreed date of referral).
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 (‘SG’) contribution payments for members to the SMSF.
The ATO says it is taking this approach because “non-lodgment combined with disengagement indicates that retirement savings may be at risk”.
While the fund’s status is ‘Regulation details removed’, members should alert their employer to make any SG payments into the employer’s default super fund or a fund of the member’s choice until the SFLU status of the SMSF has been updated to ‘complying’.
Please Note: Many of the comments in this publication are general in nature and anyone intending to apply the information to practical circumstances should seek professional advice to independently verify their interpretation and the information’s applicability to their particular circumstances.