Do you have a SMSF? Have you lodged your 2019 SMSF Annual Return? Have you applied for an extension of time?
If you have a SMSF and you have neither lodged your 2019 SMSF Annual Return nor successfully applied for an extension of time then your SMSF ATO status may be changed from ‘Registered’ to ‘Regulation details removed’. (Please note if you are a client of Quinn’s we have successfully obtained an extension of time for all our clients SMSF Annual Return).
What are the implications of the change in status?
‘Registered’ is good. A ‘Registered’ SMSF is able to accept contributions from the members employer, transfers, rollovers and directed termination payments.
These funds importantly qualify for the Concessional Tax rates.
‘Regulation details removed’ this is not so good! Employers will not make any superannuation guarantee (SGC) contributions into the SMSF. Also, APRA funds will not rollover any members benefits to the SMSF.
Please note that the ATO have advised that from 1 October 2019 if the lodgement of the SMSF Annual Return is more than two weeks overdue, the status of the SMSF will be changed to ‘Regulation details removed’.
At Quinn Financial Planning we pride ourselves on increasing the wealth and financial security of our clients. If you’re looking for a financial planner in sydney to help build your wealth, get in touch with Peter Quinn by filling out our contact form, or give us a call on +61 2 9580 9166 to book an obligation free appointment.