Firstly, the quarterly transfer balance account report for SMSFs is due on 28 January 2024.
SMSFs are required to lodge their TBAR by this date if a transfer balance account event occurred in a member’s SMSF between 1 October and 31 December 2023.
If there was no TBA event in this time frame, there is no requirement to lodge a report, however, a TBAR may need to be lodged sooner where a member has exceeded their personal transfer balance cap.
Lodgement can be made online through Online services for business or by a tax agent through their online services.
The next crucial date is 28 February when SMSFs may be required to lodge their annual return (SAR).
The ATO warned that failure to lodge a SAR may result in compliance action.
Additionally, if an SMSF annual return is more than two weeks overdue and the ATO has not been contacted, the regulator will change the status of the SMSF to regulation details removed meaning APRA funds can’t roll over member benefits and employers are discouraged from making any super guarantee contributions.
This status will remain until overdue lodgments are brought up to date.
SMSFs are still required to lodge if the fund has had no contributions or income payments made, or is in pension mode. If the SMSF does not have assets set aside for the benefit of members in the first year it was registered, trustees can ask the ATO to cancel the fund or request a return not necessary.
The ATO has also reminded trustees they should appoint an SMSF auditor no later than 45 days before they need to lodge their SMSF annual return.
Trustees must provide the auditor with all relevant documentation so they can perform a financial and compliance audit before lodgement. They will also need to provide their SMSF auditor number on their annual return.
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.
Appointed auditors must be independent and registered with ASIC.
The auditor will advise trustees of any contraventions of the rules and it is the trustee’s responsibility to rectify any contraventions as soon as possible. If they are unable to rectify a contravention they should lodge a voluntary disclosure.
