SMSFs who lodge their annual return more than two weeks late will be suspended from receiving rollovers and employer contributions, according to advice from the ATO (18th September 2019).

From 1st October 2019, funds whose annual returns were overdue by over two weeks would have their status on The Super Fund Lock-up (SFLU) system changed to ‘regulation details removed’.

The ATO said funds could have their status on SFLU reinstated when all in overdue lodgement were brought up to date.

The ATO office would perform check on the first business day of each month and suspend or reinstate funds on the SFLU system depending on the lodgements that had been received in the previous month.

If SMSF trustees did not think they would be able to lodge their annual returns in time, the ATO said, they should call and seek a deferral to lodge.

During the time where the SMSF had their SFLU status suspended, members would need to inform their employer to make contributions into an alternative fund as the SMSF would not be able to accept employer contributions until its status was reinstated.

Once reinstated, the member would need to roll over any benefits received in the interim back into the SMSF, the ATO said.