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Regulation details removed

From 1 October 2019, if your SMSF passed the lodgment due date for more than two week, ATO will  update the status on Super Fund Lookup (SFLU) to ‘Regulation details removed’.

What does this mean to the trustees/members and SMSF?

  • your SMSF is still complying. This does not mean your SMSF is a non-complying SMSF.
  • your will not be able to roll over any member balances from industry or retail super fund;
  • you will not be able to receive employer contributions.

How members/trustees can rectify this and get the status back to normal?

  • apply for lodgement deferral with ATO. iCare Super always lodges the deferral for the SMSF clients before the lodgement due date. However, you have to lodge the tax return before the new extended due date;
  • lodge the over due tax returns as early as possible. ATO normally will change the status back to “complying” in four weeks after the overdue tax returns lodged.

Where shall the member’s employer contributions be paid to if the complying status has been removed?

  • member should open a member account with retail or industry superannuation fund and advise the company to pay the employer contributions to that account;
  • member can roll over the member balance in industry or retails superannuation fund to their SMSF after the all the overdue tax returns have been lodged.

 

 

 

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