Your SFLU status reflects the current compliance status of your self-managed super fund (SMSF). You may not check it often, but as we move towards Payday Super, it becomes even more important.
Why your SFLU status matters
A ‘complying’ status helps ensure employers, including unrelated employers, can make contributions to your SMSF.
If your SMSF annual return is more than two weeks overdue, your fund’s regulation details are removed from the SFLU register, and:
- employers are advised not to make contributions to your SMSF
- payments may be paid to an employer’s default fund instead.
Under Payday Super, these impacts could expose employers to the super guarantee charge (SGC).
Keeping a ‘complying’ SFLU status
Lodge your SMSF annual return by the due date and regularly check your SFLU status to quickly identify any compliance issues.
If you have an overdue return, lodge it as soon as possible to reinstate your regulation details and SLFU status to ‘complying’. We can now update your regulation details faster, so the sooner you lodge, the sooner we can action.
Keeping a complying status will help get you ready for Payday Super, but also reduces the risk of payments being missed, delayed or diverted.
For more information, visit SFLU status for SMSFs.
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