Super Lookup ‘status’ will change if SMSF annual returns are late
The ATO considers the lodgement of an SMSF’s annual return on time to be a fundamental part of an SMSF trustee’s obligations.
Consequently, from 1 October 2019, if an SMSF is more than two weeks overdue on any annual return lodgement due date and hasn’t requested a lodgement deferral, the ATO will change their status on Super Fund Lookup (‘SFLU’) to ‘Regulation details removed’ until any overdue lodgements have been brought up to date.
We can request a lodgement deferral on your behalf to ensure the SMSF’s status remains ‘complying’ (unless the fund does not meet the agreed date of referral).
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 to the SMSF.
The ATO says it is taking this approach because “non-lodgement combined with disengagement indicates that retirement savings may be at risk”
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 until the SFLU status of the SMSF has been updated to ‘complying’.