The Australian Taxation Office (ATO) has issued a warning to SMSF trustees that do not meet their lodgement obligations.
In a statement released yesterday, the ATO stated it is taking a “firm approach” towards the lodgement obligations of SMSFs.
“We will focus our compliance and prosecution action on funds that fail to lodge even after we sent them reminders,” the ATO stated.
All SMSFs are obliged to lodge a return for each year that the fund is in operation, which includes the year that the fund is wound up, according to the ATO. In addition, a nil return cannot be lodged unless the fund is lodging its final return.
The auditor must also provide the audit report prior to the due date for lodgement of the SMSF’s annual return. Further, the return must not be lodged until the audit of the fund has been finalised.
“You can assist your SMSF clients by reminding them to allow time for financial accounts and statements to be audited so returns can be lodged on time,” the ATO stated.
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