One of the main requirements of operating a Self Managed Superannuation Fund (SMSF) is to lodge your SMSF Annual Taxation Return with the ATO by the due date. This date varies based on your SMSF circumstances listed in the below table.
You will be advised of your lodgement requirements and due dates upon registration of the SMSF or by asking your Tax Agent.
Below is a summary of the different due dates and the factors that will be attributable to setting the due date of your SMSF return.
|31 October||If you lodge your SMSF Tax Return yourself (not using a Tax Agent) and prior year returns are outstanding or not lodged on time.
If using a Tax Agent, all SMSFs where a prior year tax return is outstanding
|28 February||Newly registered (first year) SMSFs lodgement due date (unless advised of an earlier date of 31 October)|
|15 May||Most complying funds with a Tax Agent appointed will have this due date unless otherwise advised of an earlier date or granted an extension|
|5 June||Tax Returns that were non-taxable or receiving a refund in the previous year and the year being lodged|
By not lodging your SMSF Annual Taxation Return or lodging late, your SMSF may have its ATO complying status temporarily “removed” until such time that all outstanding returns are lodged up to date.
Does this affect your SMSF’s ability to receive SG contributions from your employer?
One of the most common contributions individuals receive into their Super Funds will be Super Guarantee (SG) Contributions. The superannuation clearing house will reject any payments directed to an SMSF that has outstanding ATO lodgement obligations. As a result, your SG contribution may need to be directed to another super fund (such as the employer’s default fund or a retail/industry fund). This can delay the processing of your employer’s superannuation payment batch (for all employees) if appropriate action is not taken.
To ensure your SMSF continues to receive SG contributions your SMSF must be up to date with its ATO lodgement obligations.
If you would like assistance in meeting your SMSF’s ATO lodgement obligations, please contact Davidsons on 03 5221 6399 or email firstname.lastname@example.org to be put in contact with one of our SMSF specialists.
Disclaimer: this information is of a general nature and should not be viewed as representing financial advice. Users of this information are encouraged to seek further advice if they are unclear as to the meaning of anything contained in this article. Davidsons accepts no responsibility for any loss suffered as a result of any party using or relying on this article.