Do you have a Self-Managed Super Fund?

Are your lodgements up-to-date?

Your fund status will change if SMSF annual returns are late

From 1 October 2019, if your SMSF is more than two weeks overdue on any annual return lodgment due date and hasn’t requested a lodgment deferral, the ATO will change the status of your SMSF on Super Fund Lookup (SFLU) to ‘Regulation details removed’. The ATO are taking this approach because non-lodgment combined with disengagement indicates that retirement savings may be at risk. This status will remain until any overdue lodgments have been brought up to date.

What is the new process?

On the first business day of each month, there is now a two-step process for updating SFLU.

Where an SMSF trustee hasn’t lodged their SMSF annual return on time and they’re more than two weeks overdue, the ATO will change your SMSF regulation status to ‘Regulation details removed’ on SFLU.

Where all overdue lodgments are received for an SMSF during the previous month, we will update SFLU to reinstate the SMSF’s ‘complying’ status.

How will this change affect SMSFs?

Having a status of ‘Regulation details removed’ means APRA funds won’t roll over any member benefits to the SMSF and employers won’t make any super guarantee (SG) contribution payments for members of the SMSF.

What can SMSF trustees/members do?

SMSF trustees can avoid their SMSF status changing to ‘Regulation details removed’. When a lodgment may be late, SMSF trustees should seek a deferral to lodge SMSF annual returns before the due date. This will ensure that their SMSF status remains ‘complying’. Please note if you do not meet the agreed date of deferral a ‘Regulation details removed’ status will then be displayed until brought up to date.

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.

Once the SFLU status of the SMSF has been updated to ‘complying’, members can request a rollover to their SMSF of any member benefits that may be held outside their SMSF.

Lodging your self-manage super fund (SMSF) annual return on time is a fundamental part of your obligations as an SMSF trustee.