McKern News

Letter from ATO - your SMSF's registration may be cancelled

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It has recently come to our attention that the ATO is sending letters to new Self Managed Super Fund (SMSF) Trustees threatening to de-register their fund. If you have established or become a Trustee of a SMSF recently then please read below. 
 
The letter, titled "Your SMSF's Registration may be Cancelled" has been sent to Trustees of funds registered within the last few years. It tells the Trustee that the ATO believe that the fund may hold no assets.  It states that unless the Trustee completes a form proving that assets are held within 21 days the ABN & TFN will be cancelled. A "Confirmation of SMSF Establishment" form is enclosed with the letter.
 
This has been sent to funds even where returns have been lodged in the past, showing the fund holds assets.  It is our understanding that the respective sections within the Tax Office do not share data and therefore these letter are being sent en mass as opposed to targeting specific Trustees where this may apply.

Unfortunatety as the letter is being sent directly to Trustees as opposed to via the Tax Agent, Mckern & Associates, we are unable to
identify any clients who are required to complete this form. If you do receive the letter please let us know as soon as possible so that we can ensure your SMSF registrations remain in place.