CALL US: (07) 3367 0999 | EMAIL US:

ATO action on overdue SMSF annual returns

The Australian Tax Office (ATO) is cracking down on self-managed super funds (SMSFs) that have overdue SMSF annual returns, particularly those with two or more returns overdue.

As part of its compliance action, the ATO is currently:
– Cancelling approximately 9,000 ABNs of SMSFs that show no evidence of operating
– Writing to SMSF trustees who are in pension phase to remind them that they still have a lodgment obligation
– Continuing to focus on SMSFs with high levels of income and/or high-value assets who also have overdue returns
– Taking further compliance and audit action on selected SMSFs
– Visiting selected tax agents to obtain feedback on why their SMSF clients’ lodgments are overdue
– Contacting tax agents by phone to obtain an agreed date for lodgment of overdue SMSF annual returns.

SMSFs that do not meet the agreed lodgment timeframes will be subject to serious financial implications.

Business
advice

taxation
planning

compliance
services

News

Basics of SMSF investing

January 21, 2021

Setting up an SMSF fund is the simplest step. Establishing a fund which delivers you consistent returns from your investments is much more difficult.

Investing successfully involves determining precise goals and picking investments which will effectively achieve those goals. The advantage of SMSFs is that you can build a portfolio which reflects your short-term and long-term goals in response to changing market conditions.

In an SMSF fund, your investment options are:

Before you begin investing, consider what might be the best way to diversify your portfolio. How you portion your investments will depend on your funds, the market, and your goals. Regardless of what your plan is, diversification should be a priority.

Choosing an SMSF as opposed to an industry or retail super fund provides you with more flexibility, but also with more responsibility. Researching before investing is key if you want the best out of your SMSF.