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ATO Interpretative Decision

ATO ID 2002/734 (Withdrawn)

Superannuation

Retirement income entities - Late lodgment of annual regulatory return
FOI status: may be released
  • This ATO ID is a straight application of the law and does not contain an interpretative decision.
    This document incorporates revisions made since original publication. View its history and amending notices, if applicable.

CAUTION: This is an edited and summarised record of a Tax Office decision. This record is not published as a form of advice. It is being made available for your inspection to meet FOI requirements, because it may be used by an officer in making another decision.

This ATOID provides you with the following level of protection:

If you reasonably apply this decision in good faith to your own circumstances (which are not materially different from those described in the decision), and the decision is later found to be incorrect you will not be liable to pay any penalty or interest. However, you will be required to pay any underpaid tax (or repay any over-claimed credit, grant or benefit), provided the time limits under the law allow it. If you do intend to apply this decision to your own circumstances, you will need to ensure that the relevant provisions referred to in the decision have not been amended or repealed. You may wish to obtain further advice from the Tax Office or from a professional adviser.

Issue

Has there been a contravention of the Superannuation Industry (Supervision) Act 1993 (SISA) in circumstances where there is a late lodgment of an annual regulatory return by a Self managed superannuation fund (SMSF)?

Decision

Yes. The trustees of the SMSF have contravened section 36A of the SISA by failing to lodge the annual regulatory return within the period prescribed in the legislation.

Facts

The trustees of the superannuation fund lodged their SISA annual regulatory return sixteen months after the end of the financial year for the 2000 income year in November 2001.

Reasons for Decision

Section 36A of the SISA requires the trustees of SMSFs to lodge annual returns within the reporting period or within such longer period as the Commissioner of Taxation allows. The 'reporting period' is defined under subsection 36A(2) of the SISA as the period prescribed by the regulations or specified by the Commissioner of Taxation by notice in the Commonwealth Gazette.

The annual return was not lodged within the reporting period applicable to the financial year and therefore a contravention of section 36A of the SISA has occurred.

Date of decision:  20 December 2001

Year of income:  Year ended 30 June 2000

Legislative References:
Superannuation Industry (Supervision) Act 1993
   section 36A
   subsection 36A(2)

Keywords
Self managed superannuation funds
SMSF management and financial reporting
SMSF breach of compliance

Business Line:  Superannuation

Date of publication:  31 July 2002

ISSN: 1445-2782

history
  Date: Version:
  20 December 2001 Original statement
You are here 31 March 2006 Archived

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