As of 1st October 2019, the ATO will alter an SMSF’s status on the Government’s ‘Super Fund Lookup’ website to ‘regulation details removed’ if the SMSF is more than two weeks late on any annual return lodgement due date.
The ATO will only restore the SMSF’s complying status on the first business day of the month after it has received the overdue lodgements.
The status of ‘regulation details removed’ has the following possible negative implications for SMSF’s:
- APRA 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
It is now more important than ever that all SMSF lodgement requirements are met. Please ensure your SMSF information is available for processing by 31st January each year to enable timely lodgement to occur.
Contributed by Mark Barson.
