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One industry lawyer has warned that the ATO appears “very keen” to crack down on SMSFs lodging their annual returns late, with failure to lodge being “a very good early indicator” of underlying issues in a fund.
In general, a common and persistent issue that triggers ATO penalties is the late lodgement of SMSFs’ annual returns, according to Michael Hallinan, special counsel for superannuation at Townsends Business & Corporate Lawyers.
Read the full story at SMSF Adviser.