For the SMSFs due to lodge their SAR by 5 June 2021, the ATO reminded SMSFs to ensure that they’re on track to meet the due date or to contact the Tax Office if the fund is having difficulties.
“Make sure you’re on track to lodge your SAR if you have a 5 June lodgement due date,” the ATO said.
“To be able to complete the fund’s annual return, your tasks as a trustee include completing or organising for a valuer to complete a valuation of the fund’s assets.
“Preparing (or have your accountant prepare) the fund’s end-of-year financial statements and be ready to provide signed copies to your auditor and appointing an auditor at least 45 days before the lodgement due date. Remember, auditors are busy, so begin this process as soon as possible.”
The ATO warned that the compliance status will be removed from Super Fund Lookup if SMSFs lodgement is more than 14 days overdue.
“Remember, if you don’t think you can lodge on time, call us as soon as you become aware. We can discuss your options. Your tax professional can also contact us on your behalf,” the ATO said.
In a recent SuperConcepts blog, technical executive manager Graeme Colley advised SMSFs to always start early.
“The earlier the trustees and anyone they rely on for annual return preparation begin the lodgement process, the easier it will be to get finished, even if there are hold-ups,” Mr Colley said.
SMSFs should also make sure to monitor activity and compliance throughout the year.
“Make sure that the fund has paid benefits including minimum pension payments correctly, contributions received by the fund are within the caps and the fund’s investment strategy is on track,” he said.
“Don’t forget the annual lodgement of the SMSF returns happens every year, so trustees can expect that administrators will likely ask for similar information every year. Therefore, trustees who keep good records as part of the return lodgement plan will probably get things out of the way in a timely way.”
The ATO had also revealed the top five most frequent errors made in the submission of SMSF annual returns as well as how advisers can avoid them when lodging this year.
If refunds are due this year and last year, lodgement is due 05 June
5 June 2021? SAR’s are mostly due 17 May 2021. Has an extension been offered?
Nothing showing on the portal? You might need to clarify WHICH funds are permitted to report this late as this is not what the ATO have indicated.