ATO targeting SMSF non-compliance
The Tax Office is warning SMSF trustees that they will be contacting SMSFs that have not regularly complied with their lodgment obligations.
The ATO is reminding trustees that lodging an SMSF annual return is an obligation and failure to do so is a breach of super laws.
To avoid penalties, the Tax Office is urging SMSF trustees to bring their lodgments up to date as soon as possible.
Trustees who cannot meet any deadlines will risk becoming disqualified as a trustee for persistent non-lodgment, their SMSF may be made non-compliant and the ATO will raise default assessments.