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  • We are contacting SMSFs with outstanding SARs

    We are sending letters to self-managed super funds (SMSFs) with outstanding SMSF annual return (SAR) lodgments. If you are having or have had difficulties preparing and lodging your SAR, we encourage you to contact us now, and we'll help you get back on track.

    We will send an initial letter letting trustees know which lodgment years are outstanding and what actions they need to take. If we do not receive a response to the initial letter within the specified timeframe, we will send a second letter warning of consequences for the fund and its trustees, which can include:

    • failure to lodge penalties for each overdue year
    • raising a default assessment for each overdue year, with penalties
    • issuing a notice of non-compliance
    • disqualifying the trustee.

    If we do not receive a response to the second letter, we will follow up with a third letter asking the recipient to 'show cause' as to why we should not apply the previously advised penalties and courses of action.

    Non-lodgment behaviour is an indicator that there may be other contraventions by the fund. Assistant Commissioner Justin Micale stated in his recent speech to the SMSF Association National Conference 2021, that 'we'll continue to monitor and pay close attention to behaviours of a small number of participants that undermine the integrity of the sector.'

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      Last modified: 25 Feb 2021QC 64852