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If your SMSFs annual return is more than two weeks overdue and you have not requested a deferral, the ATO will move your fund’s status on Super Fund Lookup from ‘Complying’ to ‘Regulation details removed’.

Broadly, the change may result in the fund not receiving rollovers from APRA regulated funds and contributions from employers. Having a status of ‘Regulation details removed’ means APRA funds won’t rollover any member benefits to the SMSF and employers won’t make any super guarantee (SG) contribution payments for members of the SMSF.

This could particularly impact on those consolidating their superannuation accounts or receiving mandated employer contributions from independent employers (note that employees are required to advise their employer if the fund is no longer complying). There is also a risk that related employers could face issues as a result of making contributions to a fund that is not confirmed to be complying, such as losing the deductibility of contributions and incurring super guarantee charge obligations.

The due date for most 2018-19 returns is 30 June 2020 this year, unless the fund has outstanding returns.