Do you have an SMSF?

If so, please ensure that your 2020 SMSF Annual Return is lodged with the ATO on time. When you don’t lodge on time your superannuation fund may be unable to receive contributions until the paperwork is brought up to date. The ATO will change your superannuation status to ‘Regulation details removed’.

The Australian Taxation Office (ATO) advises: ‘If your Annual Return is two weeks overdue, your regulation details will be removed. Once you lodge the overdue SMSF Annual Return, your lodgement details will be updated on the first business day of the following month.’

Why is this important?

It is March 2021 now, if your SMSF lodgement is due in the next week or two, or worse if it is currently overdue then the ATO will change its status to ‘Regulation details removed’.

To correct the status of the SMSF you will need to gather your SMSF information. The accounts, minutes, declarations and SMSF income tax must be prepared, then have the accounts audited and lodged with the ATO. This all takes time.

Missing your lodgement date could see you unable to make any top-up contributions prior to June 30th. Top up contributions are one way to legally minimise your tax and optimise your retirement savings.

At Quinn Financial Planning we look after all aspects of Self Managed Super Funds. Do you want to ensure that you get more from your super? Speak to Peter Quinn today.

Should you have any questions with regard to Superannuation, please submit an online enquiry now or call Peter Quinn on +61 2 9580 9166.  We also offer a FREE 45-minute consultation should you have other financial planning, taxation or superannuation issues you may wish to discuss.

The information in this document does not take into account your personal objectives, financial situation or needs, and so you should consider its appropriateness having regard to these factors before acting on it.  It is important that your personal circumstances are taken into account before making any financial decision and it is recommended that you seek assistance from your financial adviser.