It looks like there is some housekeeping going on at the ATO. As part of a compliance campaign geared toward resolving issues with SMSFs with overdue returns, the ATO has cancelled the ABNs of approximately 9,000 SMSFs. Their focus will now shift to higher value SMSFs who fail to lodge on time.
Non-lodgement of SMSFs was a significant issue for the SMSF space, so the ATO has now cancelled approximately 9,000 ABNs, which showed no evidence of operating.
The SMSF Academy’s director Aaron Dunn said that these SMSFs could have been abandoned due to poor investment decisions or were set up but for whatever reason decided not to proceed.
In a public statement the ATO said that it would be sourcing feedback from selected tax agents on why their SMSF clients’ lodgements are overdue. It also said it would be contacting tax agents by phone to obtain an agreed date for lodgement of overdue SMSF annual returns.