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ATO flags action on overdue October SAR lodgement

The ATO has reminded on the need to act on overdue SMSF annual returns which were due by 31 October 2021.  

SMSF Reporter 18 November 2021
— 1 minute read

In a recent update, the ATO flagged that SMSFs that haven't yet lodged their SMSF annual return (SAR) which was due by 31 October 2021, will need to start contacting the ATO or the fund’s registered tax agent about options.

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If the SMSF is newly established or has missed previous years lodgements, the SMSF annual return  for 2020-21 was due by 31 October. If the SMSF is newly established, but are lodging through a tax agent, then the SAR is not due yet.

“If your SMSFs SAR is more than two weeks overdue and you have not 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,” the ATO warned.

“With 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 super guarantee payments for the fund's members.”

“You'll also have to pay the supervisory levy. If you're a first-time lodger, it will be $518 which will cover the 2020–21 and 2021–22 financial years.”

The ATO reminded that funds may also have to lodge a transfer balance account report with the SMSFs SAR if all the members of your SMSF have a total superannuation balance of less than $1 million.

“If you've not lodged yet and you're having difficulty preparing your return, contact us or talk to your registered tax agent about your options,” the ATO said. 

“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.” 

This comes as the ATO had recently raised concerns with the 2020 lodgement rate and will be paying close attention and following up on those lodging on those that fail to lodge their first return.

ATO flags action on overdue October SAR lodgement
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Emma Ryan

Emma Ryan is the deputy head of content at Momentum Media and editor of the company's legal publication, Lawyers Weekly.

Emma has worked for Momentum Media since 2015 and has been responsible for breaking some of the biggest stories in corporate Australia. In addition, she has produced exclusive multimedia and event content related to the company's respective brands and audiences.

A journalist by training, Emma has spent her career connecting with key industry stakeholders across a variety of platforms, including online, podcast and radio. She graduated from Charles Sturt University with a Bachelor of Communications (Journalism).

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