Non-lodging SMSFs in ATO’s sights
The ATO has reiterated it is “getting serious” with non-lodging SMSFs this year.
In a public statement this week, and consistent with previous warnings, the ATO reminded SMSF trustees that if their SMSF has two or more annual returns overdue, their regulation details will be removed from Super Fund Lookup (SFLU).
“Removal of your SMSF details from SFLU means your fund will not be able to receive rollovers or establish new contribution arrangements. Until your lodgments are brought up-to-date, your details will not appear on the register,” the ATO stated.
“You will be notified in writing if your SMSF details are removed from the register. We will also remind APRA funds to check the SMSF details on SFLU before progressing rollovers."