Retirement income entities - Late lodgment of annual regulatory return

Has there been a contravention of the Superannuation Industry (Supervision) Act 1993 (SISA) in circumstances where there is a late lodgment of an annual regulatory return by a Self managed superannuation fund (SMSF)?

Yes. The trustees of the SMSF have contravened section 36A of the SISA by failing to lodge the annual regulatory return within the period prescribed in the legislation.

The trustees of the superannuation fund lodged their SISA annual regulatory return sixteen months after the end of the financial year for the 2000 income year in November 2001.

Section 36A of the SISA requires the trustees of SMSFs to lodge annual returns within the reporting period or within such longer period as the Commissioner of Taxation allows. The 'reporting period' is defined under subsection 36A(2) of the SISA as the period prescribed by the regulations or specified by the Commissioner of Taxation by notice in the Commonwealth Gazette.

The annual return was not lodged within the reporting period applicable to the financial year and therefore a contravention of section 36A of the SISA has occurred.