31 October 2020 due date may apply to your SMSF

If you failed to lodge your previous years’ SMSF annual return on time, the due date for your 2019/2020 SMSF annual return will be 31 October 2020 even if you lodge through a tax agent.

If this due date applies to your SMSF and you do not lodge your SMSF annual return by the due date, penalties and loss of tax concessions may apply. The ATO will also change the status of your SMSF on Super Fund Lookup (superfundlookup.gov.au) to ‘Regulation details removed’. This means that employers will not be able to make superannuation guarantee contributions for members of the SMSF. APRA funds will also not be able to rollover any member benefits to the SMSF.

If you are not sure of your lodgement due dates or believe that your SMSF will be unable to lodge their SMSF annual return by the due date, please contact our office on (02) 4601-1000.

Product Disclaimer:
This is general information only. No investment advice has been provided to you. The information in this blog is general information only and has been prepared without taking into account your personal objectives, financial information and needs. You should consider any advice in this blog in light of your personal objectives, financial situation or needs before acting on it. You may wish to consult an accountant and or licensed financial adviser to do this. Hailston + Co assumes no responsibility for any actions you take independently, and without seeking professional advice from your accountant or licensed financial advisor.