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Compliance strategy for non-lodging SMSF’s

The ATO is getting serious about the non-lodgement of self managed super fund (SMSF) annual returns.

The ATO currently has a number of compliance strategies in place to address this issue; however, this year they are taking additional steps to engage the trustees of SMSF’s that have two or more overdue lodgement obligations.

From September 2013, any SMSF with two or more overdue annual returns will have their regulation details removed from the Super Fund Lookup register until they bring their lodgements up to date.

SMSFs affected by this compliance strategy will be unable to receive rollovers and establish new contribution arrangements until they address their lodgement obligations.

Posted on 18 December '13 by , under Super.

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Transition to retirement

The transition to retirement (TTR) strategy allows you to access some of your super while you continue to work.

You are able to use the TTR strategy if you are aged 55 to 60. You can use it to supplement your income if you reduce your work hours or boost your super and save on tax while you keep working full time.

  • Starting a TTR pension: To start your TTR pension, transfer some of your super to an account-based pension. You have to keep some money in your super account so that you can continue to receive your employer's compulsory contributions as well as any voluntary contributions you may be making.
  • Government benefits and TTR: The benefits you or your partner receive might be impacted if you choose to opt for this strategy. How and what exactly will change might become clearer upon discussing this with a Financial Information Service (FIS) officer.
  • Life insurance and TTR: In some cases, the life insurance cover you have with your super may stop or reduce if you start a TTR pension – check this before making any decisions or changes.

TTR can help ease your mind as you transition into retirement but it can be a bit complex. Before you choose whether you want to use TTR to reduce work hours or save on tax, or even if you want to use TTR altogether, you should figure out how this will impact all aspects of your finances.

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