New SMSF returns now overdue - 30/03/2010The ATO has advised that the due date for lodgment of returns for SMSFs registered during 2008-09 has now passed. Annual returns for 2009 were due by 28 February. Tax officers will be telephoning trustees of all SMSFs that registered during the 2008–09 financial year and have not yet lodged their 2009 annual return.Expect a call sometime during the next two months as ATO officers work through their lists. The ATO are also currently reviewing previously established funds that have not lodged annual returns. If the returns are not lodged, the ATO has warned that they may make the fund non-complying, issue a default assessment or apply other penalties. Apart from those SMSFs not required to lodge a return by the lodgment program, it is compulsory for all Australian resident super funds to lodge a return from their establishment date, regardless of their income. What you need to doEnsure your SMSF tax and regulatory returns are lodged as soon as possible. If you use a tax agent to prepare your returns, you should consult with them immediately. If you are looking for an accountant to help you prepare your returns, give us a call and we will refer you to a suitable accountant. Returns MUST be audited before they can be lodged. Please contact us as soon as possible to arrange your audit.  | Categories:General |
