A quick reminder to all Self-Managed Super Fund (SMSF) trustees about the upcoming deadline for lodging your SMSF Annual Return (SAR).
The due date for submission is 28 February 2024.
It’s crucial to adhere to this deadline, as failure to lodge your SAR on time may lead to further compliance action. If your SMSF annual return is more than two weeks overdue and you haven’t reached out to the ATO, your SMSF status will be changed to Regulation details removed.
This change has significant implications, including restrictions on the rollover of member benefits by APRA funds and a discouragement for employers to make any super guarantee contributions.
This regulatory status will persist until all overdue lodgments are brought up to date. It is important to note that this requirement applies even if your SMSF had no contributions, income payments made, or is in pension mode. Additionally, for SMSFs that did not have assets set aside for the benefit of members in their first year of registration, trustees have the option to request cancellation of the fund or indicate that a return is not necessary.
Preparing and lodging the SMSF annual return can be a complex process. If you are facing challenges or have concerns about meeting the deadline, it is encouraged you to reach out to the ATP directly or consult with a registered tax professional (like us) as early as possible. ;
Timely communication and proactive measures can help avoid potential compliance issues.
Remember, your compliance is essential to maintain the smooth functioning of your SMSF. Chat to our SMSF Specialists today.
Disclaimer:
The information contained in this publication is for general information purposes only, professional advice should be obtained before acting on any information contained herein. Neither the publishers nor the distributors can accept any responsibility for loss occasioned to any person as a result of action taken or refrained from in consequence of the contents of this publication.