Nearly a quarter of SMSFs yet to lodge return

With the 30 June lodgement deadline now passed, the ATO has reported that nearly 450,000 SMSFs have lodged their SMSF annual return for the 2018–19 financial year.

This represents around 77 per cent of the total 583,857 SMSFs that existed at June 2019. 

ATO assistant commissioner, SMSF segment, Steve Keating said while SMSF trustees may be a little distracted by COVID, it is important they get their affairs in order and lodge as soon as possible so that the ATO doesn’t need to follow up with stronger outcomes. 

“We consider lodgement to be the most fundamental obligation for a trustee. Our process is that when an SMSF is more than two weeks overdue on their annual return, the fund’s status will be changed to regulation details removed, and that status will remain until the lodgement is brought up to date,” he explained in a discussion with the SMSF Association. 

“What we’re really concerned about here is the connection between lodgement and disengagement. What I mean by disengagement is that the trustees haven’t tried to contact us to explain why they haven’t lodged or requested a deferral.”

Where trustees are unable to meet their lodgement deadline, Mr Keating said they should seek a deferral to lodge.

“If they do that, their status will remain as long as they lodge by that negotiated new due date,” he said. 
 

ABOUT PBIS:

Pacific Business Integrated Solutions (PBIS), located in Hochiminh City, VietNam, is the most efficient and high quality SMSF, Accounting, Book-keeping & Financial Outsourcing operator serving the Australia market. Led by a professional management team experienced in Australia and the Asia-Pacific region, PBIS vision is aiming to provide the best value-for-money service in SMSFs, Taxation, Financial Planning to Accountants, Auditor, Financial Advisors, Accounting Advisory Firms in Australia. 

PBIS has been among top Outsourcing providers of choice in terms of best quality services with fast turn-around time. Our Australian clients have been able to achieve significant up to 70% of HR/Admin cost and impressive growths through focusing on acquiring and taking care of customers. 

Contact PBIS today to experience best practices in administration, privacy, compliance, real-time status tracking, and intelligent on-demand reports of business performance to scale up your business confidently.

Follow us on Social media for latest news and best service deals:

LinkedIn: https://www.linkedin.com/company/pbisoutsourcing/

Twitter: https://twitter.com/pbisoutsourcing 

Facebook: https://www.facebook.com/pbisoutsourcing