ATO warning on SMSF lodgements
The Australian Taxation Office (ATO) has flagged plans to take a close look at self-managed super funds (SMSFs) that fail to lodge their annual returns.
Speaking at the Small Independent Superannuation Funds Association SMSF Forum, ATO director of regulatory risk and strategy for SMSFs Nathan Burgess said a major focus for the ATO would be on SMSFs which do not lodge their annual returns.
The majority of funds do the right thing and lodge on time, but the ATO would like to see an increase, Burgess said.
Only 74 per cent of SMSFs were lodging their annual returns on time, and over a period of time lodged annual returns rise to just over 92 per cent, he said.
"That's not a figure that we're very comfortable with," Burgess said.
The best way to attract the attention of the ATO is not to lodge a return, he said.
SMSFs which do not lodge can lose tax concessions and receive fines. More than 1500 funds have not lodged for a consistent period of time, but are still holding assets and earning income, Burgess said.
The ATO's strategy on late lodgement will continue to evolve because it is not getting the right response, he added.
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