The Australian Taxation Office (ATO) announced that from 1 October if an SMSF was overdue on any annual return lodgement and had not requested a lodgement deferral the office would change their status on Super Fund Lookup (SFLU) to “Regulation details removed”.
“We're taking this approach because non-lodgement combined with disengagement indicates that retirement savings may be at risk. This status will remain until any overdue lodgements have been brought up to date,” the ATO said.
“Having a status of ‘Regulation details removed’ means the Australian Prudential Regulation Authority (APRA) funds won't roll over any member benefits to the SMSF and employers won't make any SG contribution payments for members of the SMSF.”
It noted there was a two-step process for updating SFLU on the first business day of each month, and when all overdue lodgements were received it would update the SFLU to reinstate the SMSF’s “complying” status.
SMSFs could call before the due date to seek a lodge deferral if they did not think they could meet the due date.
“While the fund's status is 'Regulation details removed', members should alert their employer to make any SG payments into the employer's default super fund or a fund of the member's choice,” the ATO said.
“Once the SFLU status of the SMSF has been updated to 'complying', members can request a rollover to their SMSF of any member benefits that may be held outside their SMSF.”
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Source: Super Review
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