Non Lodging SMSF's be Warned

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Non Lodging SMSF's be Warned

Are you?	- A trustee or member of an SMSF with outstanding income tax returns?
At a glance:	- Trustees of Self Managed Superannuation Funds (SMSF's) who have failed to lodge their overdue returns will be subject to strong compliance action by the Tax Office.
You should:	- Ensure you lodge your tax returns on time. - Contact us if you require any clarification or advice.

1.	In October 2009, the Tax Office sent correspondence to various taxpayers advising them that their overdue returns had to be lodged by December 4, 2009. The letters contained details of the consequences if they failed to do so.
2.	SUnder a new approach, strong compliance actions will be applied by the Tax Office in relation to non lodging SMSF's, including: • Raising default assessments; • Imposing failure to lodge penalties; and • Making funds non-complying and issuing notices of non-compliance.
3.	From early 2010, the Tax Office will begin to work with trustees of SMSF's to ensure their outstanding returns are lodged. The Tax Office will also be taking action to wind up funds that are no longer operational.