The regulator said the SMSF annual return (NAT 71226) comprises the fund’s income tax, regulatory and member contributions reporting.
“As SMSFs assess their own tax debt or refund, a notice of assessment will not be issued. The lodgment of the return is deemed to be an assessment,” it said.
For more information on the instructions for the relevant year, refer to Self-managed superannuation fund annual return instructions (NAT 71606).
Additionally, the regulator said as not all funds have the same lodgment due date, trustees should familiarise themselves with their fund’s lodgment obligations.
For more information, refer to Lodge SMSF annual returns.
If a trustee makes a mistake in relation to information provided in their SMSF annual return, they may wish to make a voluntary disclosure. They can do this by lodging an amended SMSF annual return.
To make a voluntary disclosure about an unrectified regulatory contravention, trustees should complete the SMSF regulatory contravention disclosure form or apply in writing.
Trustees can find out how and when to report using the SMSF early engagement and voluntary disclosure service.
To amend an SMSF annual return (which is an approved form), trustees should resubmit the whole return, not just the parts they want to change. It is also advised to let the ATO know that it’s an amendment by answering “yes” to Question 5.
If the amendment is for the 2010–11 or earlier income years, trustees must use the paper return form even if their agent lodged the original return online.
If they have access to Online services for agents, trustees can lodge an amendment by providing a full SMSF annual return.
SMSFs that have access to Online services for business can submit an amendment via a secure mail message.
All other amendments must be requested using the paper SMSF annual return form.
The Self-managed superannuation fund annual return instructions (NAT 71606) can assist in completing the SMSF annual return.
