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SMSFs warned to lodge on time

ATO annual return lodgement records show that between 10 and 15% of SMSF returns are not lodged on time. To improve timely lodgement, the ATO has recently announced that they will remove fund details from Super Fund Lookup (SFLU) for funds that fail to lodge on time. This move may have a domino effect on the fund. For example investors and banks may use the SFLU for identity checks and to confirm compliance status. If the fund is not listed, this may cause complications and limit investment options. How do you avoid SFLU unlisting? An SMSF will not be removed from SFLU if you engage with the ATO prior to the due date and request a deferral. "We understand unexpected events occur so best to be on the front foot if you think you can’t meet the due date and contact the ATO directly," the Assistant Commissioner said. Want to know more about quality audits? Quality audits protect and build the value of your firm's brand, as well as protecting your clients' retirement savings. SaulSMSF is a fully compliant audit firm - one of a handful recently reviewed and approved by the ATO. We help you to get it right... and on time! We would be happy to have a complimentary meeting with you to discuss how we can improve your audits to ensure quality outcomes for your practice. Call 1300 551 261 to learn more or reply by email.

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