In an online update, the ATO reminded trustees that certain SMSFs will need to lodge their SMSF annual return by 31 October 2022.
“If you’re a new SMSF and are preparing the SAR yourself, or if you have previously lodged a late SAR, your due date is 31 October 2022,” the ATO stated.
“If you need assistance with lodging your SAR, you should contact a registered tax professional as soon as possible. This will give them time to add you to their lodgment program before 31 October 2022. Once this has happened, your tax professional will advise you of your revised due date.”
Where a tax professional has been appointed to assist with lodgment, the ATO said trustees will also need to update their records confirming that the tax professional is the authorised representative for their fund.
“This will ensure they have access to your information,” the ATO said.
“If your SMSF was reviewed by us at registration, you’ll still have to lodge by 31 October 2022, even if you appoint a tax professional.”
Where a fund is new and had no assets on 30 June 2022, the ATO said trustees will be required to make a ‘return not necessary’ application or cancel their fund’s registration if they no longer wish to operate their fund.
“Failing to lodge your SAR on time can result the compliance status of your SMSF on Super Fund Lookup being changed to ‘regulation details removed’ which may result in rollovers and employer contributions not being made to the fund,” the ATO cautioned.
The ATO also reminded SMSFs that if any members were receiving a retirement phase income stream during the income year, they may be required to lodge a transfer balance account report (TBAR) at the same time as theirSAR.
“In late August, we distributed a special edition of SMSF News aimed at SMSFs that registered in the 2022 financial year. While the newsletter was tailored to first time lodgers, it may help all trustees to understand their lodgment obligations,” it stated.
