ATO Takes Tougher Line on Outstanding Tax Returns!

The ATO has recently issued letters to trustees of SMSFs who, despite previous ATO reminders, have outstanding tax returns from previous years.

The letter outlined what action the ATO will be taking if the outstanding returns are not lodged. 

The ATO may make the fund non-complying and issue a default assessment which would incorporate penalties for not lodging returns.

Trustees who have received the letter must take immediate action and arrange with their tax agent to prepare and lodge the outstanding returns.