Lodging your 2024 Self-Managed Super Fund (SMSF) annual return is an important task, and getting it right ensures a smooth and efficient process. The SMSF annual return is more than just a tax return; it includes essential regulatory information, member contributions, and the SMSF supervisory levy. Here’s how you can avoid some common errors:
Key Points to Remember
Accurate Member Information
Double-check that the members' information and tax file number (TFN) are correctly provided as per Section F of the form. This helps ensure that all member details are accurate and complete.
Correct Auditor Details
Ensure you provide the correct SMSF auditor number and details, including the date the audit was completed (Section A, Item 6). Accurate auditor details are crucial for compliance.
Closing Account Balance
Verify that the closing account balance matches the sum of accumulation and retirement phase account balances. If a member's closing account balance is zero or negative, simply write "0" (Section F, Label S). This ensures clarity and accuracy in your reporting.
Winding Up Your SMSF
If you are winding up your SMSF and lodging your final return, please ensure:
Member benefits are paid if a condition of release has been met, or funds are rolled over to an APRA account via SuperStream.
You follow our winding-up checklist to ensure all necessary steps are completed.
For any assistance, please feel free to contact us at 02 8318 1545 or visit our live calendar. We're here to help!