SMSF Tax Return


SMSF tax return is not same as individual tax return and is not part of the individual tax return. It needs to be lodged separately and is in addition to the personal tax return. SMSF financial year for tax return is from 1 July to 30 June. Sometimes Superannuation tax return needs to be prepared and lodged first as some information from the Superfund tax return might go to the individual tax return for lodgement.

As an example, member concessional contributions made in the SMSF and to claim deduction for those in individual tax return Superannuation accounts and tax return will be prepared first and the amount will be calculated to put on individual tax return for lodgement.

It is always a good idea to prepare and lodge SMSF tax return as soon as possible because sometimes to find out how much the contribution cap available for members depends on the previous years ending member balance and to work out their minimum or maximum pension payment amount (if any) for the year. Without SMSF annual accounts prepared its hard or impossible to work out the balances of the previous year end.

From the inception of the Self Managed Super Fund, SMSF tax return is lodged every year or annually and must be audited before the lodgement of the tax return. Tax return will cover and include the previous year’s activities of the SMSF and will be reported to the Australian taxation office in an approved form.

SMSF Tax Return Melbourne

Who can lodge SMSF tax return?

Tax return can be lodged by trustees or if they wish they can also arrange tax agent to prepare and lodge the annual return for them. Annual financial accounts, tax return needs to be prepared and then these needs to be audited by an approved SMSF auditor before the lodgement of the tax return with tax office.

Benefits of lodging with the registered tax agent

There are several benefits if the tax return is prepared and lodged by the registered tax agent. Firstly, like Superfund Warehouse we are SMSF professionals preparing and lodging tax returns from more than half a decade and have in depth knowledge of this field. With Superfund Warehouse your SMSF tax return will be prepared professionally and accurately by our qualified and experienced staff. Secondly if your tax return is lodged by tax agent the due date is variable. You can ask your tax agent regarding the due date of the tax return. Returns lodged by tax agents usually gets extra time as compare to if the returns are lodged by trustees themselves.

Steps for lodging SMSF tax return 

The main steps of lodging the SMSF tax return are firstly after the year end annual accounts will be prepared and then Superfund tax return. After this independent SMSF auditor will audit the fund and provide with the audit report. Then the tax return will be filled with the tax office.

How to lodge SMSF tax return?

Superannuation tax return can be lodged electronically or by using the paper form. Most of the tax returns are lodged electronically (more than 80% of the funds) as most of them are lodged by tax agents and they use their professional SMSF software’s to lodge these.

How to Amend SMSF tax return?

If the tax return needs to be amended at the later stage the whole tax return needs to be resubmitted with the tax office not only the columns that needs to be changed. This is because SMSF tax return is interrelated means if one amount or figure changes that might also change and other columns as well.

Lodging the final SMSF tax return 

At some stage the SMSF might needs to be wind up. For this all steps related to the wind up of the SMSF needs to be followed and final return needs to be prepared and lodged by answering the wind-up questions on the tax return.

If you are in search of SMSF professional accountant to help with the administration of the self managed super fund please contact our office and our professional team members are always ready help you.

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