Submitting your SMSF Tax Return through a registered Tax agent and due date
Keep in mind the due date and engagement process if the tax return is prepared and lodged by a registered tax agent.
At the end of the previous financial year which is 30th June if an SMSF hold assets or received contributions, rollover during the year annual return needs to be lodged for that year by the due date. SMSF tax return is not like your personal tax return as it contains regulatory superannuation information, contributions details, payments details and need to pay super levy as part of the annual tax due amount.
In case your SMSF was set up but did not hold any assets or received contributions in the first year of the registration you can request tax office to mark annual return as return not necessary. If you have decided not to continue with an SMSF after registration where it has zero assets in the first year you can cancel your funds registration by requestion to the ATO.
If the due date of the SMSF annual return is passed and return becomes overdue for some time regulation details of the Superfund will be removed from the Super fund lookup and this will stop processing rollover requests and receiving employer contributions to the fund.
What are the due dates for tax return lodgement if lodged by the tax agent?
If you appoint a registered tax agent to prepare and lodge your funds return the due dates are as below:
- For newly registered SMSF and first year return the due date is 28th Feb after the end of the financial year
- For existing SMSFs and last return was lodged on time due date is 15th May of the next financial year & if the last return was not lodged on time due date will be 31st Oct after the end of the financial year
These dates can be confirmed with your tax agent.
For timely processing and lodgement of the return make sure all the necessary information is provided to the agent on time or tax return extension might not be received if you delayed this process.
According to the new rules you need to nominate a tax agent to act on your superfund tax return and authorise them.
SMSF tax return can only be lodged once the audit of the year has been finalised. Make sure you appoint SMSF auditor to conduct the audit at least 45 days before the return is due. SMSF auditor report outcomes for part A and Part B needs to be answered in the annual return before lodgement with correct auditor details.
If you need any help with the annual return, please give Quick SMSF Accountants a call and we will make this process seamless.