Tax returns for newly registered SMSFs are due for lodgement by:
31 October 2013 for SMSFs who prepare their own return
25 February 2014 for SMSFs who are tax agent clients
An SMSF is not legally established until the fund has assets set aside for the benefit of members. ATO will not process nil returns, and the supervisory levy does not need to be paid for newly registered in the 2012-13 financial year and:
• were not legally established
• had no assets set aside for the benefit of members
A newly registered SMSF did not have assets set aside for the benefit of members in the first year it was registered, trustees or tax agent can ask ATO to either:
cancel the fund’s registration, or
notify ATO Return Not Necessary if the SMSF meets all the following conditions:
• registered in the 2012-13 financial year
• was not legally established by 30 June 2013
• had not received contributions or rollover amounts by 30 June 2013, and has actually received contributions by the date of the requests for a Return Not Necessary
Return Not Necessary is only available for newly registered SMSFs for their first year of registration. Older funds that have not yet set aside assets for benefit of members should cancel their registration and re-register when assets are available.
All SMSFs must have their financial accounts and statements for the fund audited each year by an approved auditor. The auditor must assess the fund’s overall compliance with Superannuation Industry (Superannuation) Act 1993 and associated regulations (a compliance audit) and the fund’s financial statements (a financial audit).
The auditor must provide the audit report prior to the due date for lodgement of the SMSF annual return. The return must not be lodged until the audit of the fund has been finalised.