Purpose of SMSF annual return
All SMSFs need to lodge an SMSF annual return each year in order to:

• report income tax
• report super regulatory information
• report member contributions, and

• Pay the supervisory levy .Please check here for further details

Appointing an SMSF auditor
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:

• check the auditor you intend to appoint is registered with the Australian Securities and Investments Commission (ASIC). ASIC will issue approved SMSF auditors with an SMSF auditor number – otherwise known as SAN – which you will need to fill out your annual return. Even though you may have previously used the same auditor, double check that they are registered
• contact the auditor early to allow sufficient time to conduct the audit and for this office to have enough time to lodge the SMSF annual return on time on your behalf, and

• appoint your auditor not later than 45 days prior to the due date of the annual return

Some of the criteria that must be satisfied by an auditor are that they:

• must be independent and show freedom from bias, personal interest and association
• must not be a trustee or member of the fund
• must not have prepared accounts and statements for the SMSF
• must not be a relative or close associate.

Before an SMSF auditor can start an audit however, you (or this office) must provide information about your accounts and transactions for the previous financial year as well as statements and forms.  Any additional information requested by your SMSF auditor must be provided within 14 days.

Below are examples of what you should have on hand in case your auditor wants to have a look:

• minutes of all meetings for a minimum of 10 years or since the establishment of the fund (if the fund is less than 10 years old) with details of all major decisions made including:

1. 1. asset purchases
   2. commencement of pensions
   3. appointment of new members, and
   4. review of investment strategy

• accounting records for a minimum of five years (or since the establishment of the fund if the fund is less than five years old)
• signed trustee declarations for trustees who became members of the fund after July 1, 2007
• proper accounting records such as statement of financial position and an operating statement
• copy of trust deed
• election or notice to be a regulated fund
• trustee representation letter which is a statement by the trustees that to the best of their knowledge, they have approved and taken responsibility for the correct presentation of the financial statements
• investment strategy that gives consideration to risk, return, liquidity and diversification
• financial report on the fund, and
• working papers including copies of all relevant documents that are important in providing evidence that support your findings and opinion.

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Lodgement dates 
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.

Resources

Accountants Check list
Governing Bodies
Help for Trustees
ATO Videos for Trustees
Managing a SMSF
Investment Resources
Property Resources

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