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HomeSMSF NewsA late SMSF annual return will change the status of your fund

A late SMSF annual return will change the status of your fund

For most self-managed super funds (SMSFs) the due date for the 2018–19 SMSF annual return is Friday 15 May 2020. Trustees need to engage an approved auditor before the end of March to ensure their fund receives an audit in time to meet this lodgment deadline.

If your SMSF is more than two weeks overdue on any annual return lodgment due date and you haven’t requested a deferral, the ATO will change the status of the SMSF on Super Fund Lookup (SFLU) to ‘Regulation details removed’. This status will remain until any overdue lodgments have been brought up to date.

Having a status of ‘Regulation details removed’ means:

  • APRA funds won’t roll over any member benefits to the SMSF
  • employers won’t make any super guarantee contribution payments for members of the SMSF.

Non-lodgment, combined with disengagement, indicates to the ATO that members’ retirement savings may be at risk.

The lodgment due date of 15 May 2020 does not apply to SMSFs:

  • with a business or postal address in an identified bushfire-impacted postcode
  • that were non-taxable or received a refund by latest year lodged and are non-taxable or will receive a refund in the current year (excluding large/medium taxpayers or funds with an earlier due date).

The ATO may grant an extension of time for lodgment upon application. For more information, contact The SMFS Accountant today.

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Diana Morris founded The SMSF Accountant in 2010. Diana is a member of both CPA Australia and Chartered Accountants Australia and New Zealand and an affiliate of The Tax Institute. She holds a current public practice certificate, and is a registered tax agent. Diana has completed a Bachelor of Commerce degree and a Graduate Diploma of Chartered Accounting.