Did you realise that February 28 falls on a Sunday this year?
As such, those SMSF trustees required to lodge their SMSF Annual Return (SAR) by February 28 have one extra day this year to do so. You can lodge your annual return with the Australian Tax Office (ATO) on Monday, March 1.
It’s important to note that the ATO also states that if SMSF annual returns are more than two weeks overdue, and the trustee has not contacted the ATO, the status of the SMSF will be changed on Super Fund Lookup to “regulation details removed”.
This status will remain until any overdue lodgements are brought up to date.
“If you have 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 any super guarantee payments to the fund’s members,” said the ATO.
At Intello, we know it’s sometimes difficult to keep on top of the items we may require to complete returns.
Indeed, the ATO has also identified COVID-19 as an additional challenge in keeping up to date with trustee obligations. That’s why we’ve started work on an ATO Lodgment Checklist for you; in one place, you have milestones, to-do’s and tips from the team on how to satisfy the ATO’s requirements.
If you have any concerns around your ability to meet lodgement dates. Or if you’re not sure if some requirements apply to you then please contact our office on 1300 362 943 and one of our SMSF Accountants will be more than happy to assist.
If you are not yet an Intello Partner and require assistance, contact us to find out how we can assist you in keeping your clients happy, your accounts up to date and compliant.