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The ATO can now do what?!?

The End of Financial year is fast approaching. In most other industries this can be an exciting time, however for you June can be one of the busiest months. You are generally working with all the tardy clients and problem files, trying to get everything lodged in a mad rush. As a result, you can easily miss certain announcements or changes that have been made.
That is the beauty of being in our network! We want to help remind you of all the important dates and give you the updates without you spending hours attending webinars, conferences or searching for them.
This year it is more important than ever to get your SMSF annual return lodged on time and the information we are about to share may be extra leverage to get your slow-moving clients acting with urgency.
The ATO introduced new penalties to those who fail to lodge on time. If you fail to do so, you could face repercussions which include penalties, and loss of tax concessions.
In addition, the ATO are now able to change the status of your fund on SMSF Lookup (SFLU) to regulation details removed, which means that trustees have the inability to receive employer contributions and rollovers while funds have late outstanding lodgements. Only once the return is lodged for the SMSF, the ATO will change the SMSF status and the fund will be able to receive employer contributions and rollovers again.
There is no better time to ensure that you are ready to lodge your SMSF then now.
To have a FREE consultation with one of our friendly team members, to discuss how we can help, give us a call on (03) 5226 3599 and we look forward to hearing from you.
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