ATO warns on late lodgement
The ATO has reiterated it will take action against SMSFs with two or more years’ worth of overdue returns.
In a statement issued yesterday, the ATO said SMSFs with two or more years' worth of overdue returns will have their details removed from Super Fund Lookup until they bring their lodgements up to date.
“This year, we are focusing on newly registered SMSFs, encouraging on-time lodgement of their first return. For SMSFs who fall into this category and who are not operating in their first year, we may issue a 'return not necessary' (RNN) indicator,” the ATO stated.
“The RNN will be for that year only and the SMSF will not be eligible for an RNN in their subsequent year of income. If the SMSF has not started to operate in their second year, the trustees will be encouraged to cancel the registration.”
The ATO also stated it is analysing the details of SMSFs that have never lodged before.
“Where we have evidence that the fund is operating we will remove the fund details from Super Fund Lookup and refer them for compliance action for non-lodgement. Where there is no evidence of the fund operating, we intend to cancel their registration.”
