How to Lodge an Smsf Annual Return

Once you employ your assets in the super fund, the natural thing to expect is to see the gains at the end of the year. Following all ATO regulations and rules, the timing for lodging your smsf annual return will vary depending on when did you register your fund.

If this is your fund's first year of existance and functioning, the due date for lodging an annual return would be the 28^th of February. If not the case, with good lodgement record and supporting documentation you'd be able to file for lodging your annual gain on the 15^th of May.

The date changes if you decide to lodge your annual return without the assistance of your chosen agent. In this case, if it's the first year of existance of your fund, the due date for lodging would be the 31^st of October. For all subsequent years it changes to the 28^th of February.

Once you have the calendar all organized, you should start preparing your documentation for the lodge. First you should know that the annual return from your smsf investment is not an income tax return. The smsf annual return is more than that and as such it happens after the audit of the fund has been finalised. Also, before you're able to lodge, all super regulatory information should be reported, member contributions should be made and supervisory levy should be paid.

The procedure for lodging annual smsf return is very precisely determined and organized. If you have an agent taking care of these things (which is always the better option having in mind all the financial and accounting terms and rules you have to master in order to be a profesional), then the agent will tell you exactly when are you suppose to file all supporting documentation for lodging a return. That presumably, that the audit has already been done. In that case, you're only responsible for gathering all information and documentation needed and delivering them to your agent by the time he asked you to.

If you're handling the fund on your own, without an agent, than have in mind that you need to complete the entire documentation along with the audited financial reports and tax accounting and make sure they're orderly sent to the ATO before due date for lodging. That's because in that particular situation, the ATO will have to scan and review your documentation in case something is missing or not done correctly to be fixed. Have in mind that there are special rules and obligations for super lodgement and therefore, special penalties if you miss a deadline or have done something inapropriate and didn't fix it after being asked to.

All in all, unless you're holding a degree in accounting and financial matters, it's highly advisable to allow a professional to do all the job for the smsf annual return lodgement. You'd be rest assured your affairs have been handled in the right manner and be freed of responsibility if something goes wrong, which is hardly possible (after all, professionals know their job, right?).

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