In an online update, the ATO said it is important SMSF members are aware of the due date for their SMSF annual return (SAR), as they need to appoint an approved SMSF auditor at least 45 days before their return is due.
The ATO stated that for newly registered SMSFs who plan to prepare their own SMSF annual return, their SAR will be due by 31 October 2020.
For new SMSFs who intend to lodge through a tax agent, the SAR will be due by 28 February, unless the SMSF has been reviewed by the ATO at registration and notified of a different due date, it explained.
“If you failed to lodge your previous years’ SAR on time, your due date for your 2019–20 SMSF annual return will be 31 October 2020 even if you lodge through an agent,” the ATO stated.
The ATO also reminded SMSFs to ensure that they receive a signed copy of the audit report from the auditor before lodging their return.
“Lodge by the due date to avoid penalties and other consequences such as the loss of tax concessions. If you are not sure of your lodgement due dates, visit our website or speak with your tax agent or adviser,” the Tax Office said.
