What is also attracting the attention of the ATO? Lodging Returns Late!

The Commissioner also noted that about 70% of SMSFs lodged their returns on time for the 2006/07 tax year. 

About 50,000 returns for 2006/07 were lodged after the due date.

While lodging a return late exposes the fund to a penalty, the more important issue is that by lodging late the fund will have a higher profile with the ATO. 

The ATO takes the (not unreasonable) view that late lodging is an indicator that all may not be well with the particular fund and therefore that fund merits greater scrutiny.

The message is to lodge fund returns on time.