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The ATO’s recently announced policy to incentivise timely lodgement of SMSF annual returns by removing fund details from Super Fund Look Up (SFLU) if they fail to lodge on time could have additional consequences for trustees, according to SuperConcepts.
In a recent blog post, the SMSF service provider’s executive manager of SMSF technical and private wealth, Graeme Colley, said if a late lodging fund had their details removed on the SFLU system, the compliance impacts could mean they would be restricted in what investments they could make until the details were reinstated.
Read more at the SMSF Adviser.