In a recent update, the ATO said for those who have a new self-managed super fund (SMSF) or have missed previous years’ lodgements, the SMSF annual return (SAR) for 2020–21 is due by 31 October.
“As 31 October falls on a Sunday this year, you will have to lodge by 1 November 2021. If you are a new SMSF but are lodging through a tax agent, your SAR is not yet due,” the ATO said.
“If your SAR is more than two weeks overdue and you haven’t contacted us, we will change the status of your SMSF on Super Fund Lookup to ‘Regulation details removed’. This status will remain until your overdue lodgements are brought up to date.”
With the fund having the status “Regulation details removed”, the ATO reminded that APRA funds will not be able to roll over member benefits and employers will not be able to make super guarantee payments to the fund’s members.
“You will also have to pay the supervisory levy. If you are a first-time lodger, it will be $518 which will cover the 2020–21 and 2021–22 financial years,” the ATO noted.
“You may also have to lodge a transfer balance account report with your SAR if all your members have a total superannuation balance of less than $1 million.”
The ATO urged funds that are having difficulty preparing the return, and do not think it can lodge on time, to contact the Tax Office or talk to the fund’s registered tax agent about their options.
“If you need help, we encourage you, your tax agent or super professional to use the SMSF early engagement and voluntary disclosure service. We can work with you to get your affairs in order,” the ATO said.
“To help you finalise and lodge your SAR correctly, check out our handy Trustee reporting obligations checklist.”
Oh anonymous, how correct you are. They roll out the lodgement dates, and have no idea, we are holding the hands of the elderly who have been overwhelmed by the “email” world. It’s like it it against the law to actually speak to someone these days. They really have no idea how the real world works!. Heaven forbid they should work past 4.26pm!
As the SMSF hoops tax agents have to jump through have increased significantly since 2017 you are likely to find quite a few agents DON’T assist any more. I can immediately think of 3. With more funds you need more service providers. ASIC – As you sew, so shall you reap!
And I have client using online service providers who are still waiting for their 2020 work to be done. Because it isn’t straight out of the box the service provider isn’t interested. They told this 60 year old, who had quit his employment age 59, he could NOT take a pension. Not sure what legislation these people read, but obviously different to the one I do – preservation age met, condition of release met, pension options available. Provider not interested! “Illegal Access” the client was told. The service provider has since done nothing!
How about some statistics from the ATO about which type of service providers have all the arrears? Small agents, major providers, Planning firms, self-preparers? Just curious.
And there is little point shortening the deadline if clients cannot find a service provider available to do the work!
No sense reminding TAs of deadlines when you don’t enforce them
LMFAO. As an accountant under pressure from banks to keep my Covid impacted clients afloat, this correspondence will go straight to recycled bin.
Government departments have to realise that there are only 24 hours in a day. About time the professional bodies lobbied the government to just get their idiot department bosses to pull their heads in.
They have no idea how the real world works