The significance of Self-Managed Superannuation Fund or SMSF annual return (NAT 71226) is more than income tax return. It includes reporting of an individual’s regulatory, income tax, member contributions and supervisory levy.

You must ensure that you appoint an SMSF auditor at least 45 days before the return is due. Trustees must lodge their SMSF Annual Return on or before the due date to avoid any penalties. They may also have to face other consequences, which include loss of tax concessions. Being in touch with a tax accountant will ensure that you are informed about the due dates of the lodgment. Alternatively, you can also check our ATO website for more information.

The process to your SMSF Annual Return would be hassle-free if you keep your records updated always.

If It is Your First SAR

If an SMSF is Newly Registered, then they must lodge their SAR as below:

If new SMSFs prepare their annual return themselves, then they must lodge by October 31, 2020.

If new SMSFs want to lodge their annual return through a tax agent, then they must lodge by the end of February 2021. The date remains constant unless the government notifies a different due date.

If You Failed to Lodge Previous Years Return on Time

If the Trustees have failed to lodge their previous years SAR on the due date, then their current due date to lodge 2019-20 SMSF annual return will be on October 31, 2020. The date will remain the same for both cases – whether the SMSF return is filed by the owner or whether they are hiring a tax agent for the SMSF lodgment.

Appointing an Auditor 

You must always hire an auditor atleast 45 days before the due date to lodge SMSF annual return. The auditor examines your fund’s financial statements and assesses your fund’s compliance with super law. Make sure you receive a signed copy of the audit report from the auditor before you lodge your return.

Give in touch with us. 

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