SMSFs reminded on looming due date for SMSF annual returns
With 28 February falling on a Sunday this year, the ATO has reminded SMSF trustees needing to lodge their SMSF annual return by this date that they will be able to do so on 1 March.
In an online update, the ATO said that some SMSFs are required to lodge their SMSF annual return (SAR) by 28 February 2021.
“As 28 February 2021 falls on a Sunday, you can lodge on 1 March 2021,” the ATO stated.
The ATO also reminded trustees that if their SAR is more than two weeks overdue and they haven’t contacted the ATO, the status of the SMSF will be changed on Super Fund Lookup to “regulation details removed”.
“This status will remain until any overdue lodgements are brought up to date,” the Tax Office said.
“If you have a status of ‘regulation details removed’, APRA funds will not be able to roll over member benefits and employers will not be able to make any super guarantee payments to the fund’s members.”
The ATO said it understands that the current economic environment due to COVID-19 may make keeping up to date with trustee obligations a challenge for some SMSF trustees.
“If you need help, we encourage you, your tax agent or your super professional to use the SMSF early engagement and voluntary disclosure service. We can work with you to get your affairs in order,” it said.
It also reminded trustees to report their ABN when they lodge their SAR.
“By including the ABN on the SAR, it allows our systems to match members correctly. This ensures the account details for the SMSF are displayed for the member when they access ATO online services,” it said.
This will allow the SMSF member to choose their SMSF account when they are completing forms online such as compassionate release of super, First Home Super Saver Scheme, excess concessional contribution election, excess non-concessional contribution election or a Division 293 election.
“It also means that the member’s SMSF account details are visible on online services for agents if your member uses a registered tax agent,” it said.
Miranda Brownlee is the deputy editor of SMSF Adviser, which is the leading source of news, strategy and educational content for professionals working in the SMSF sector.
Since joining the team in 2014, Miranda has been responsible for breaking some of the biggest superannuation stories in Australia, and has reported extensively on technical strategy and legislative updates. Miranda has also directed SMSF Adviser's print publication for several years.
Miranda also has broad business and financial services reporting experience, having written for titles including Investor Daily, ifa and Accountants Daily.