Purpose of SMSF annual return
All SMSFs need to lodge an SMSF annual return each year in order to:
Even though there may be no rush as such to complete the audit, bear in mind that if any compliance contraventions are identified, the auditor can alert you to those contraventions. This will give you a chance for rectification before the audit is finalised and the annual return lodged. This way, you can avoid being penalised by the Tax Office, or worse still, have your SMSF deemed non-compliant and losing your tax concessions.
The first step is to appoint an SMSF auditor. What you need to do is:
Below are examples of what you should have on hand in case your auditor wants to have a look:
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The SMSF annual return for a particular income year is due in the following income year. For example, the SMSF annual return 2020 (for the 2019–20 income year) is due in the 2020–21 income year.Most important dates are 31st October for a new registrant self- preparer and 15th May for annual return by a registered tax agent.(other conditions applies)
For more details please check here.
Note that earlier lodgement dates may apply where the fund has previously failed to lodge on time or have more than one return overdue.
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