SMSF status to change on Super Fund Lookup if the annual return is lodged late ATO have stated from 1 October 2019 if the SMSF return is overdue more than two weeks on any annual return and hasn’t requested a lodgement deferral they will change their status on Super Fund Lookup (SFLU)
In the past few months, we’ve found that the ATO has been relentless on those failing to lodge their tax returns (or other documents) on time. An individual has recently been slugged with a combined penalty of $1750 for not lodging their 2014 & 2015 tax return.
The principle behind the ‘Sole Purpose Test’ is to ensure that all decisions you make for your SMSF should be made for the sole purpose of providing retirement/death benefits for yourself. A key word here is “retirement”.