Earlier last year, the ATO contacted self-managed super funds (SMSFs) that have failed their regulatory obligations by not lodging multiple SMSF annual returns while clearly remaining active.
Feedback from trustees who subsequently lodged returns identified a group of trustees in pension phase.
Because these trustees were drawing a pension and not lodging personal income tax returns, they were unaware that they still had a regulatory obligation to lodge SMSF annual returns.
In October, the ATO contacted trustees in this group to remind them to lodge all overdue SMSF annual returns or wind up the fund.
The ATO will continue to pay close attention to SMSFs that are nit meeting their lodgment obligations.
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