Show download pdf controls
  • Your fund status will change if SMSF annual returns are late

    Lodging your self-manage super fund (SMSF) annual return on time is a fundamental part of your obligations as an SMSF trustee.

    From 1 October 2019, if an SMSF is more than two weeks overdue on any annual return lodgment due date and hasn't requested a lodgment deferral, we will change their status on Super Fund Lookup (SFLU) to 'Regulation details removed'. We're taking this approach because non-lodgment combined with disengagement indicates that retirement savings may be at risk. This status will remain until any overdue lodgments have been brought up to date.

    What is the new process?

    On the first business day of each month, there is now a two-step process for updating SFLU.

    1. Where an SMSF trustee hasn't lodged their SMSF annual return on time and they're more than two weeks overdue, we will change their SMSF regulation status to 'Regulation details removed’ on SFLU.
    2. Where all overdue lodgments are received for an SMSF during the previous month, we will update SFLU to reinstate the SMSF's 'complying' status.

    How will this change affect SMSFs?

    Having a status of ‘Regulation details removed’ means APRA funds won't roll over any member benefits to the SMSF and employers may elect not to make any super guarantee (SG) contribution payments for members of the SMSF.

    What can SMSF trustees/members do?

    SMSF trustees can avoid their SMSF status changing to 'Regulation details removed’. When a lodgment may be late, SMSF trustees should seek a deferral to lodge SMSF annual returns before the due date. This will ensure that their SMSF status remains ‘complying’. The SFLU status is automatically updated on the first working day of each month based on the funds lodgment status at the end of the preceding month. Requests for deferral should be submitted well before month’s end to ensure it's actioned before SFLU is updated. Please note if you do not meet the agreed date of referral a 'Regulation details removed’ status will then be displayed until brought up to date.

    While the fund's status is 'Regulation details removed', members should alert their employer to make any SG payments into the employer's default super fund or a fund of the member's choice.

    Once the SFLU status of the SMSF has been updated to 'complying', members can request a rollover to their SMSF of any member benefits that may be held outside their SMSF.

    See also:

      Last modified: 12 Nov 2019QC 60128