SMSFs: Lodge on time or risk removal from Super Fund Lookup

If you belong to a self-managed superannuation fund (SMSF) with two or more years’ worth of overdue returns, your fund will have its details removed from Super Fund Lookup until it brings its lodgments up to date.

For those that do not know, Super Fund Lookup contains publicly available information about all superannuation funds that have an Australian Business Number. It includes funds regulated by the Australian Prudential Regulation Authority (APRA) and the Tax Office. Super Fund Lookup is often used by APRA funds to check whether an SMSF is eligible to receive transfers or rollovers.

This year, the Tax Office is focusing on newly registered SMSFs to encourage on-time lodgement of their first return. For SMSFs who fall into this category but are not operating in their first year, the Tax Office may issue a “return not necessary” (RNN) indicator. The RNN will be for that year only and the SMSF will not be eligible for an RNN in their subsequent year of income. If the SMSF has not started to operate in its second year, the trustees will be encouraged to cancel their registration.

Additionally, the Tax Office is analysing details of SMSFs who have never lodged. Where it has evidence that the fund is operating, the Tax Office will remove the fund’s details from Super Fund Lookup and refer it for compliance action for non-lodgment. The Tax Office is likely to cancel the fund’s registration where there is no evidence of the fund operating.

If your SMSF falls into any of the above categories, please bring your lodgment up-do-to-date or wind up your fund – whichever is applicable to your circumstances. For assistance, consult this office.