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Super Fund Lookup – SMSF Status

SMSF status to change on Super Fund Lookup if the annual return is lodged late

ATO have stated from 1 October 2019 if the SMSF return is overdue more than two weeks on any annual return and hasn’t requested a lodgement deferral they will change their status on Super Fund Lookup (SFLU) to ‘Regulation details removed’.

The ATO said it is “taking this approach because non-lodgement combined with disengagement indicates that retirement savings may be at risk”. The status will be changed back to complying once all outstanding returns have been completed & lodged.

What does this mean if your fund has lodged late and SFLU website shows the status as  ‘Regulation details removed’?

It means APRA regulated funds won’t be able to roll over any members benefits to their SMSF and their employer won’t be able to make any super guarantee (SG) contribution payments for members of the SMSF. If the members fund status is ‘regulated details removed’ they should inform their employer to make any SG payments into another complying fund.

To view your status of the SFUL please use this link http://superfundlookup.gov.au/

If you believe you are going to be late on lodging your annual return please inform us prior to seek a deferral request before the due date for lodgement which is 15th May 2020.

For more information on this please refer to the ATO  https://www.ato.gov.au/Super/Sup/Your-fund-status-will-change-if-SMSF-annual-returns-are-late/

If you have any questions please do not hesitate to call one our SMSF experts today on 07 5437 9900.