A reminder that the 30 June 2021 due date for the lodgment of an SMSF annual return (SAR) has now passed, unless an extension applies.
If a SAR is more than 2 weeks overdue and no extension applies, the ATO will change the status of the SMSF on Super Fund Lookup to 'Regulation details removed'. This status will remain until any overdue lodgments are brought up to date. If this status remains on an SMSF, APRA funds will not be able to roll over member benefits into this fund and employers will be discouraged from making any superannuation contributions to this fund. Trustees of an SMSF with this status may also risk failure to lodge penalties.
Trustees with overdue SAR's are urged to lodge YE 30 June 2021 and prior ASAP.
Paul Griffiths is a Chartered Accountant with over 20 years assisting Australian Small Businesses with income tax, succession and tax planning matters.