If the reading is correct, you shouldn't have any problems with anemones and soft corals. SPS and LPS will probably have issues, and you won't be very happy with the nuisance algaes you're encouraging.
Well my hanna meter always reads under .10 in my tank more like .03 is what I get for a reading when I start to change the phos media. .40 I would say its on its way to being very bad... Keep an eye on it.