ATO fixes Super Fund Lookup issue affecting over 30,000 SMSFs
The SMSF Association has confirmed that the ATO has fixed a Super Fund Lookup issue which caused a compliance error for more than 30,000 super funds.
The ATO has advised the SMSF Association that they have now reinstated the status of 30,000 SMSFs that lodged after 1 June or had requested a deferral by the due date.
This means that the overwhelming majority of funds should now be correctly displayed on Super Fund Lookup. The SMSF Association said the ATO remains committed to identifying all other SMSFs that have been impacted and are eligible to have their complying status reinstated.
“The ATO have confirmed that they will continue to update Super Fund Lookup weekly in the lead-up to 30 June 2021,” the SMSF Association said in its Twitter update.
“We recommend checking Super Fund Lookup on Mon 21 and Mon 28 June, the next two scheduled updates before the ATO returns to updating Super Fund Lookup monthly.”
The error had been confirmed by the SMSFA around the beginning of June after SMSFs had been incorrectly removed from Super Fund Lookup. The ATO had removed the complying status of some SMSFs from Super Fund Lookup for overdue annual returns, despite being entitled to a concessional lodgement date of 7 June 2021.
Although trustees may have lodged between 1 June 2021 and 7 June 2021 and have met their lodgement obligations, it was noted that regulation details won’t be updated on Super Fund Lookup until the first business day of the following month on 1 July 2021.
The association also stated it will continue to work with the ATO to understand the flow-on impact this has to rollovers, employer contributions, salary sacrificing agreements, entitlements to tax deductions and impact on members’ contribution caps and update accordingly.
Tony Zhang
Tony Zhang is a journalist at Accountants Daily, which is the leading source of news, strategy and educational content for professionals working in the accounting sector.
Since joining the Momentum Media team in 2020, Tony has written for a range of its publications including Lawyers Weekly, Adviser Innovation, ifa and SMSF Adviser. He has been full-time on Accountants Daily since September 2021.
