New rules, which come into effect from the 1st of October 2019, will see Self-Managed Super Funds whose annual returns are more than 2 weeks overdue have their details suspended and marked as “regulation details removed” on Super Fund Look Up.
Whilst the SMSF is suspended they will be unable to receive employer contributions or rollovers from other superannuation funds. This could possibly effect the earning potential from these contributions and rollovers.
Once the SMSF return is lodged it can take up to 6 weeks for the SMSF status to be updated to “complying” on Super Fund Look Up.
If the SMSF meets the criteria to apply for a lodgement deferral and the lodgement deferral is made prior to the due date, the SMSF will not face suspension.