If you have a self-managed super fund (SMSF), it’s important to know the key dates for lodging your annual return to avoid any penalties. We share the key dates below.
Lodging the SMSF annual return
Do you have a self-managed super fund (SMSF)? If so, you must lodge an SMSF annual return, even if the fund does not have a tax liability for the income year.
You can lodge the SMSF annual return:
- electronically using standard business
- reporting (SBR); or
- on the paper form.
Your annual SMSF audit must be finished before you lodge the SMSF annual return. You need information from the audit report to complete the regulatory information on the SMSF annual return.
Lodgement Dates
An SMSF that prepares and lodges its own annual return must lodge by the applicable date shown in the list below. If more than one date applies to the SMSF, it must lodge by the earliest date that applies to it.
Failure to lodge your SMSF annual return by the due date can result in penalties and the loss of your SMSF’s tax concessions.
If you use a registered tax agent to prepare and lodge your SMSF’s annual return, you should contact your tax agent to find out the due date for lodgment. For your first year, the due date will be 28 February 2025. If a due date falls on a weekend or public holiday you can lodge or pay on the next business day.
31 October 2024
Self-preparer to whom the date applies:
- New registrant SMSF
- SMSF with one or more annual returns overdue on 30 June 2024 (unless they have been granted a deferral)
Payment due date if required:
1 December 2024
31 January 2025
Self-preparer to whom the date applies:
- SMSF that was a taxable large or medium entity in 2023–24
Payment due date if required:
1 December 2024
28 February 2025
Self-preparer to whom the date applies:
- All other self-preparing SMSFs (unless we have directed you to lodge on a different date)
28 February 2025
Have you appointed an auditor?
You need to appoint an approved SMSF auditor to audit your fund each year. They must be appointed no later than 45 days before your SMSF annual return (SAR) is due to be lodged.
You must provide all relevant documentation to your auditor so they can perform a financial and compliance audit before you lodge. You’ll need to provide their SMSF auditor number (SAN) on your annual return when you lodge.
An audit is required even if the fund will pay no tax or is in pension mode. This includes funds that have had no contributions, income or payments made in the financial year.
Your auditor must be independent and registered with ASIC. Your auditor will advise you of any contraventions of the rules. You as trustee, are responsible for rectifying any contraventions as soon as possible. If you are unable to rectify a contravention you should lodge a voluntary disclosure.
How to pay the SMSF annual return?
The tax payable by an SMSF for an income year becomes due and payable on the statutory due date, which is the first day of the sixth month of the following income year. For example, for 30 June balancing funds, the statutory due date is 1 December.
Payment options include BPay, electronic transfer, payment at Australia Post or Government EasyPay. You can also pay by direct debit.
Your payments must reach the ATO on or before the due date. When you use a valid payment reference number (PRN), your payment may take up to 4 business days to appear on your ATO account.
A general interest charge (GIC) will be applied to any outstanding amounts owing after the due date.
If you have any questions or need further assistance, please reach out to your MGD SMSF Team on 07 3391 5055 or email connect@mgdwealth.com.au
Any advice included in this communication is general and has been prepared without taking into account your objectives, financial situation or needs. As such, you should consider its appropriateness having regard to these factors before acting on it. Any tax information refers to current laws, is not based on your unique circumstances and should not be relied on as tax advice. Before you make any decision about whether to acquire a certain financial product, you should obtain and read the relevant product disclosure statement.