SMSF Tax Return

Self-managed super fund annual return provides and combines annual reporting data and taxation information to the tax office.

An annual return, inclusive of the members’ contribution statement is required to be lodged whether or not the Fund has to pay any tax for the year.

The audit of the fund must be completed before the annual return can be lodged.

SMSFs are required include details of the fund’s bank account and electronic service address alias details, if they have one.

Annual returns can be lodged electronically via a tax Agent or via approved software, or with a print of the paper return form obtained from the Tax Office (see download link below).

What’s new in the 2015-16 SMSF tax return?

[News 11 May 2017] The ATO has extended the annual return lodgement date for SMSF 2015-16 returns of 30 June 2017.

Changes affecting SMSF returns for the year ending 30 June 2016 include:

  • Exploration development incentive exploration credits should claim the offset at E4 Exploration credit tax offset
  • TOFA questions – transitional taxation of financial arrangements questions have been removed because they are no longer relevant
  • Future year (early lodged) returns – SMSFs that wind-up during 2016–17 can lodge their final SMSF annual return electronically prior to the end of the financial year
  • First home saver scheme has been abolished and FHSA references have been removed
  •  SMSFs with an eligible business have access to the immediate depreciation deductions for small business and primary producers

For more detailed information about these changes go here. For 2016 annual return forms and instructions see here (search keyword:”super”).

SMSF returns lodgment dates

Self-prepared returns are generally required to be lodged by 28 February following year end, except

  • new funds are due by 31 October, with payment due by 1 December
  • funds with overdue returns at 30 June – due by 31 October, with payment due by 1 December
  • large or medium funds (based on previous year) due by 15 January, with payment due by 1 December
  • Tax Agents may vary these dates based on their own lodgment program or a negotiated date made on behalf of a client.

The Tax Office my grant deferrals or otherwise specify an alternative due date for lodgment.

Overdue Returns

As a compliance measure, the Tax Office penalises SMSFs with two or more overdue annual returns by removing them from the publicly available Super Fund Lookup register.

Offending super funds will be notified in writing when this action is taken, and will be reminding APRA funds to check the register before approving rollovers.

The effect of removal from the register will be to prevent the offending SMSF from receiving rollovers, or other actions such as establishing contribution arrangements with an arms length party.

Links:

For the following forms, go to 2016 Tax Forms

  • SMSF annual return (Nat 71226) (includes the member contribution statement)
  • SMSF annual return instructions

See also:

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This page was last modified on 12 May 2017