SAR lodgment through a tax agent needs to be started now
SMSF trustees using a tax agent to lodge their SMSF annual return should know their lodgment date and engage early, the ATO has said.
The regulator is reminding trustees that if their SMSF had assets, such as super contributions or other investments as of 30 June 2024, they will need to lodge an SMSF annual return (SAR) for the 2023–24 financial year.
The ATO added that if a fund doesn't 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 an SMSF on Super Fund Lookup being changed to “regulation details removed”, which may prevent rollovers and employer contributions being made to the fund.
If trustees lodge their SAR through a tax agent, they may have up to 15 May to meet their lodgment obligation. The agent can confirm this.
It is also important that trustees provide their agent with all the information needed to lodge the return well before the due date. Trustees should contact their agent early to make sure they can lodge on time as an extension may not be granted if relevant information has not been provided in a timely manner.
If a trustee has engaged a new tax agent, they will need to nominate them to confirm they're the authorised representative for the fund.
Another key trustee responsibility is appointing an approved SMSF auditor no later than 45 days before they need to lodge their SAR. Additionally, before the SAR is lodged, the SMSF's audit must be finalised and the SAR must contain the correct auditor details.
When lodging an SAR, the ATO encourages trustees to report their Australian business number (ABN), so its systems match the fund’s members correctly.
For more information, see Trustee reporting obligations checklist or SMSF support services.