The ATO has addressed the glitch it has been experiencing with its Super Fund Lookup facility that resulted in a significant number of SMSFs incorrectly losing their complying status for overdue annual returns.
The SMSF Association, which had been working closely with the regulator on this matter, was informed today funds affected by the error now once again have their correct status reflected on the electronic portal.
“The ATO has advised the SMSF Association that they have now reinstated the status of 30,000 SMSFs that lodged after 1 June or had requested a deferral by the due date,” the industry body said on Twitter.
“This means that the overwhelming majority of funds should now be correctly displaying on Super Fund Lookup. The ATO remains committed to identifying all other SMSFs that have been impacted and are eligible to have their complying status reinstated.”
The association also noted the regulator confirmed it will be updating the Super Fund Lookup service on a weekly basis in the lead-up to 30 June, but suggested trustees remain vigilant as to the status of their funds in the coming days.
“We recommend checking Super Fund Lookup on Mon 21 and Mon 28 June, the next two scheduled updates before the ATO returns to updating Superfund Lookup monthly,” the association advised.
The error with Super Fund Lookup surfaced on 10 June, resulting in a number of SMSF trustees having the complying status of their funds removed despite satisfying their lodgement obligations, having furnished their annual returns between 1 June and 7 June this year.
A concessional extension of the annual return lodgement date had been granted to SMSFs, with the new deadline falling on 7 June.
The removal of an SMSF’s Super Fund Lookup complying status means the fund cannot receive any contributions from employers or members and cannot accept any balance rollovers from other funds.