Every self-managed super fund (SMSF) must lodge an SMSF annual return (SAR) each year. It is more than a tax return: it also reports regulatory information and member contributions, and it is how the fund pays the ATO supervisory levy. This guide covers what the SMSF tax return includes, the due dates, the levy and the audit that must be completed before you lodge.
What the SMSF annual return reports
- Income tax: the fund’s assessable income, deductions and tax payable
- Regulatory information: details the ATO uses to supervise the fund
- Member contributions: contributions and account balances for each member
- Supervisory levy: the annual levy is paid through the return
If a member’s opening or closing balance at 30 June is zero, it still needs to be reported as zero on the return.
The audit comes first
Before you lodge, the fund’s annual audit must be finalised. The audit must be carried out by an approved SMSF auditor, who checks both the financial statements and the fund’s compliance with super law. Leave enough time: the auditor needs the fund’s financial statements, bank statements, investment records, minutes and member details.
Kennedy Tax & Business Services provides independent SMSF audits for trustees and accountants.
SMSF tax return due dates
| Situation | Due date |
|---|---|
| Self-lodger, newly registered fund or overdue prior-year return | Lodge by 31 October, pay by 1 December |
| Self-lodger, all other returns | 28 February, unless the ATO sets a different date |
| Lodged by a tax agent | The date set under the tax agent lodgment program |
| First year, or first return after a “return not necessary” | 28 February (31 October if the fund was reviewed at registration) |
If a due date falls on a weekend or public holiday, you can lodge and pay on the next business day.
The SMSF supervisory levy
- Continuing funds: $259, which goes towards the next financial year
- Newly registered funds: $518, covering the current and the next financial year
- Funds being wound up: no levy is required if it was paid in the previous financial year
What happens if you lodge late
Failing to lodge by the due date can result in penalties and the loss of the fund’s tax concessions. The fund’s status on Super Fund Lookup may also change to “regulation details removed”, which can stop the fund receiving rollovers and employer contributions. Paper returns can take up to 50 days to process, so lodge electronically where possible.
A simple timeline for trustees
- After 30 June: collect bank statements, investment reports, contribution details and property records.
- Prepare the accounts: your accountant prepares the financial statements and member statements.
- Audit: send the complete file to your approved SMSF auditor and respond to any queries.
- Lodge: once the audit is finalised, lodge the SAR and pay the tax and levy by the due date.
Frequently asked questions
Is the SMSF annual return the same as a tax return?
It includes the fund’s income tax return, but it also covers regulatory information, member contributions and the supervisory levy, so it is broader than a standard tax return.
Can I lodge the SMSF return before the audit is done?
No. The audit must be finalised before the annual return is lodged.
How much is the SMSF levy?
$259 for continuing funds. Newly registered funds pay $518 on their first return, covering two years.
SMSF accounting and audit in Melbourne
Kennedy Tax & Business Services helps trustees across Melbourne with SMSF accounting and annual returns and independent SMSF audits. Contact our Footscray or Williams Landing office to discuss your fund.
This article is general information only and does not take into account your personal circumstances. Figures and due dates are from the ATO’s SMSF annual return guidance. Speak to a registered tax agent or SMSF specialist before acting on it.
