What Happens If Your SMSF Annual Return Is Overdue?
An overdue SMSF Annual Return can result in administrative penalties starting at $330 per penalty unit, and your SMSF's status on Super Fund Lookup can be changed to "Regulation Details Removed", which stops it from receiving employer contributions or rollovers until the return is lodged and the complying status is restored.
What is the SMSF Annual Return lodgement due date?
New SMSFs generally need to lodge by 28 February following the end of the financial year. Existing SMSFs with a registered tax agent typically have until 15 May, while those lodging without a tax agent need to lodge by 31 October.
What penalties apply for an overdue SMSF lodgement?
Administrative penalties currently start at $330 per penalty unit. As SMSFs are usually treated as a small entity, up to 5 penalty units can apply, meaning up to $1,650 per overdue return, with the penalty able to increase depending on the length of the delay.
What happens to my fund's status if lodgement is overdue?
Where a lodgement remains overdue, the ATO can mark the status as "Regulation Details Removed" on Super Fund Lookup, which affects the fund's ability to receive employer contributions or rollovers from other superannuation funds.
Can an overdue SMSF become non-compliant?
Persistent non-lodgement can lead to the fund being declared non-compliant, resulting in the loss of the concessional 15% tax rate in favour of the top marginal rate, along with potential trustee disqualification or civil penalties.
Frequently asked questions
How many penalty units apply to an overdue SMSF Annual Return?
Up to 5 penalty units can apply for a small entity, at the current rate of $330 per unit, meaning up to $1,650 per overdue return.
Can I still lodge if my SMSF is marked non-compliant?
Yes, lodging outstanding returns is still required, and doing so is part of resolving the fund's compliance status with the ATO.
Does an overdue lodgement affect rollovers into my SMSF?
Yes, other superannuation funds are instructed not to roll money to SMSFs that don't show as Registered or Complying on Super Fund Lookup.
Behind on your SMSF lodgements? Contact Lifetime SMSF on 1300 031 943 or visit lifetimesmsf.com.au to talk to a specialist.
This information is general and factual in nature. It is not financial product advice, legal advice or tax advice. Lifetime SMSF Pty Ltd is not licensed to provide financial product advice under the Corporations Act 2001. If you require personal advice, consult an appropriately licensed or authorised financial adviser.