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ATO puts late lodging professionals on notice

Super

The ATO will undertake compliance action against hundreds of professionals who are yet to lodge their SMSF return.

By Miranda Brownlee 11 minute read

In an online update, the ATO stated that in April and June this year, it issued final warning letters to SMSF professionals who had not lodged their SMSF annual return (SAR).

It sent letters to trustees of 573 funds where at least one trustee was either a tax agent or auditor.

“The letter provided a warning to lodge outstanding annual returns or be disqualified and risk other enforcement action,” the ATO cautioned.

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Following these campaigns, the ATO said it has identified 702 trustees from 356 funds that have yet to lodge.

“We will shortly be contacting those trustees who have ignored our final warnings to begin compliance action where appropriate,” it stated.

The ATO stressed that one of the most important obligations of an SMSF trustee is lodgement of the SMSF annual return.

“It is an obligation we take extremely seriously. Lodgment of a SAR helps us to see if trustees have been compliant with their regulatory and tax obligations,” the Tax Office explained.

“Where a trustee is also a tax agent or auditor, we expect them to have a thorough understanding of their obligations, and as a result we have higher compliance expectations.”

The ATO stated that it contacts every trustee of an SMSF who does not lodge their SAR to encourage them to take immediate action.

“If we do not receive a response, we will issue a warning on the potential consequences of continued non-lodgment,” it said.

The ATO advised trustees that are behind on lodgement not to wait for a final warning to lodge.

“If you have received any correspondence from us reminding you to lodge, you should lodge any outstanding returns as soon as possible,” it said.

Miranda Brownlee

Miranda Brownlee

AUTHOR

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 also has broad business and financial services reporting experience, having written for titles including Investor Daily, ifa and Accountants Daily.

You can email Miranda on:miranda.brownlee@momentummedia.com.au
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