With the 31st of October fast approaching, it is important that Trustees are aware of the SMSF tax lodgement due dates otherwise the fund can become non-complying.

If a fund is more than two weeks late in lodging their return, the ATO will automatically remove the SMSF regulation details for the fund, and the ATO SMSF Super Fund Look up website will show the fund as non-complying.

For most funds the SMSF return must be lodged by the 15th of May. For new funds the due date is the 28th of February. However, if a fund was previously late lodging their return, their due date will be the 31st of October (only a month away).

Once a fund is non-complying funds it is unable to receive contributions or rollovers, it can’t make new investments, or open new bank or term deposit accounts.

There is also an increased risk that the fund receives fines and administrative penalties for late lodgement.

Once a late return is lodged, the ATO does not update the funds regulation details until two weeks after the end of the month. For example, if a late return is lodged in November the ATO will still show the fund as non-complying until around the 14th of December.

If Trustees or Advisers are unsure of their fund’s lodgement due date, they should contact their AAS Account Manager to confirm.