SMSF & Superannuation Taxation & Tax Tips

Phillip Keenan

Director Bishop Collins Accountants

SMSF annual income tax returns

If your self-managed superannuation fund’s (SMSF) annual income tax return is more than two weeks overdue, the compliance status of your super fund will change on Super Fund Lookup (SFL). The SMSF’s status will change to “regulation details removed”, and will remain until the overdue lodgements are up to date.  This will commence from 1 October 2019.

The ATO announced they are taking this approach to protect Australian’s retirement savings.

SMSF compliance status

The ATO will update SFL on the first business day of each month by changing the compliance status to:

  • “Regulation details removed” – when an Self Managed Super Fund has a tax return more than two weeks overdue.
  • “Complying” – when the Self managed Super Fund lodges the overdue tax returns during the previous month.

While a Self managed Super Funds status is “regulation details removed”:

  • Employers will not be able to make any superannuation guarantee (“SG”) contribution payments into the SMSF for its members. During this time, fund members could tell their employer to make SG payments into the employer’s default superannuation fund or another complying superannuation fund of the member’s choice; and
  • APRA funds will not roll over any member benefits to the SMSF. Once the SFL status of the super fund is “complying”, members can request a rollover of any member benefits that are held outside the Self managed Super Fund into the fund.

How to avoid changes to your SMSF

You can avoid your SMSF status changing to “regulation details removed” by being proactive and lodging your SMSF tax return on time.  If you are expecting to lodge late, you should seek a deferral to lodge your SMSF tax return before the due date to ensure the status remains “complying”.  Keep in mind, if you do not meet the agreed deferral date, a “regulation details removed” status will then be displayed until the overdue tax returns have been lodged.

SMSF late tax returns

For more information

If you are worried you may be affected by these changes to your Superannuation compliance status, you can contact us or your accountant to ask them to explain how they can help you.

Lodge SMSF Annual Returns – Visit this link for information on administering and reporting self-managed super funds (SMSFs) and how to lodge SMSF annual returns.

We are always here to help. Please feel free to contact us and ask for help.

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