Are your SMSF tax returns up to date?

If you have a Self Managed Super Fund, it’s now time to complete your 2023 tax return and audit. For most nvest Realty Australia clients, lodgement will need to be submitted by May 15.

If you are yet to complete your return for previous years, your fund will be non-compliant and you really need to get this sorted ASAP. If you’re not sure, Super Fund Lookup contains publicly available information about all self-managed super funds (SMSFs) with an ABN.

When SMSF Tax Returns are due in Australia

SMSFs are pretty much subject to all the same lodgement and payment deadlines as companies.

So that means –

If you have one or more prior year returns outstanding, lodgement is due on 31 October following the end of the financial year (though you do get until 1 December to pay your fund’s tax bill).
If you are fortunate enough that your fund qualifies as a large or medium taxpayer, lodgement is due 15 January, though payment was due prior to that back on 1 December. There aren’t too many SMSFs that qualify for this early due date, but if your fund’s annual total income is more than $10 million, or your fund has more than $50 million of investments, this is you!

Now one quirk, is that newly established SMSFs that are not otherwise due on 15 January, are required to lodge their first annual return, and pay any tax due, by 28 February. And this due date catches a lot of people out, because it only applies to new funds in that first year.

Thereafter the following dates generally apply …

If your SMSF has income for the year of more than $2 million, and it wasn’t required to lodge earlier, then it will be required to lodge and pay its tax on 31 March.

All remaining SMSFs are then due for lodgement on 15 May.

As with other entity types, there is a 5 June concession, which is not a real due date, but allows some funds to lodge as late as 5 June but not be considered to have lodged late. And this applies to funds who had no tax to pay last year and also will have no tax to pay this year.

Hope you find that helpful.

Should you be looking for a full service accountant to take care of your SMSF tax return at a very reasonable price, then get in touch with our Trusted Partners at Solution Accountants.

They offer ongoing support & annual compliance backed by a team of experienced SMSF experts.

And as always, we’re here to offer support & guidance whenever you need it! Get in touch today.