The regulator said if the fund had assets, such as super contributions or other investments as of 30 June 2024, then trustees may need to lodge an SMSF annual return (SAR) for the 2023–24 financial year.
The lodgment due date will depend on individual circumstances. If the SMSF is new and the trustee is preparing the SAR themself, or if a trustee has previously lodged a SAR late, the due date is 31 October 2024.
When preparing the SAR trustees should refer to the 2024 SAR instructions on the ATO website.
The ATO said if trustees need help with lodging their SAR, they should contact a registered tax professional as soon as possible.
If trustees have engaged a new tax agent they will also need to update their records, confirming they are the authorised representative for the fund. This will make sure the authorised tax professional has access to the fund’s information.
In some instances, a fund may still have been required to lodge by 31 October 2024, even if they appoint a tax professional.
If the fund does not have any assets, trustees need to either make a return not necessary request or cancel their fund’s registration if they no longer wish to have an SMSF.
Failing to lodge a SAR on time can result in the compliance status of the 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.
If an individual’s status is “regulation details removed” and they lodge, their status will be updated to “complying” on the first business day of the following month and made available on the following day.
In addition to changing the regulation details on Super Fund Lookup, individuals risk receiving failure to lodge penalties.
