From 1 October 2019, if a SMSF is more than two weeks overdue on any annual return lodgement due date, the ATO will change their status on Super Fund Lookup (SFLU) to ‘Regulation details removed’. This status will remain until any overdue lodgements have been brought up to date.
Having a status of ‘Regulation details removed’ means that employers won’t be able to make any super guarantee (SG) contribution payments for members of the SMSF. A problem indeed.
While the fund’s status is ‘Regulation details removed’, members should alert their employer to make any SG payments into the employer’s default super fund or a fund of the member’s choice. For most people, this sounds like a nightmare situation.
Once the status of the SMSF has been updated, members can request a rollover to their SMSF of any member benefits that may be held outside their SMSF.
The key message from Paris Financial is to get your late SMSF returns completed ASAP.
