The ATO has advised tax practitioners that the Tax Agent Portal has two new mail subjects to assist practitioners with their self-managed super fund (SMSF) clients. They should use the Portal to request:
- cancellation of SMSF registration where a fund was never legally established
- return not necessary (RNN) for a newly registered SMSF that satisfies the following eligibility criteria and can confirm all three:
- that although registered, it had no assets and did not receive contributions or rollovers in the first financial year
- the date the SMSF first held assets and commenced operating
- that they will be lodging future returns.
Note that a return not necessary (RNN) for an SMSF is only available for the first year of registration. Include the name and tax file number of the fund and the actual date that the fund first held assets
For more information, go here