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Avoid common errors when lodging your 2024 annual return
The ATO has released instructions on what SMSF trustees should do and mistakes to avoid when preparing their annual return.
The regulator has reminded trustees that their SMSF annual return is more than a tax return and that they must report regulatory information for their SMSF and member contributions and pay the SMSF supervisory levy.
It has now made available the SMSF annual return and SMSF annual return instructions for 2024.
The ATO stated that for an SMSF SAR to be processed without delay, it is important to avoid common errors by ensuring the members' information and tax file number (TFN) are provided as per (Section F) and that the correct SMSF auditor number and auditor details are provided including the date the audit was completed (Section A Item 6).
Additionally, it is important to ensure the fund’s closing account balance equals the sum of accumulation and retirement phase account balance amounts. If the member's closing account balance is zero or a negative amount, write 0 (Section F Label S).
Finally, if a trustee is looking to wind up an SMSF and lodge their final return they should ensure they have paid member benefits if a condition of release has been met or rolled over funds to an APRA account via SuperStream.
The winding-up checklist can help ensure all steps are taken when winding up a fund.
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