New SMSFs that were granted an ABN before the end of the 2019 financial year but had no assets in their fund could find themselves caught between a rock and a hard place with the looming annual return deadline, given the administrative difficulties this will cause with the ATO’s systems, according to Heffron.
In a recent blog post, the SMSF administrator’s head of technical and education services, Lyn Formica, said while new SMSFs were technically not supposed to be granted an ABN until they had assets in their fund, in reality this was not always the case.
Read more at Accountants Daily.
