by Alicia Thomson
The ATO recently announced a blanket lodgement deferral for all 2019 SMSF Annual Returns to the 30th of June 2020, where the previous lodgement due date was either the 15th of May 2020 or the 5th of June 2020.
Whilst this has provided some much-needed relief for Tax Agents and Trustees, there are still serious consequences if the Annual Return is not lodged by the due date. These consequences can range from monetary penalties to removing the Fund’s details from Super Fund Lookup.
The ATO now routinely withhold the complying status of funds once the annual return is overdue by more than 2 weeks. This can affect the SMSF’s ability to receive certain contributions and rollovers, impacting investment decisions and paying ongoing expenses.
Even though the new lodgement deadline may apply to some of your client’s SMSFs, there are benefits to lodging the Annual Return before the 30th of June. One critical reason is the ability to utilise the bring-forward contribution rules, for both concessional and non-concessional contributions, if your clients meet certain Total Super Balance Requirements.
As always SMSF Engine are available to assist with your workload whether that be on a one-off or permanent basis.