SMSF Annual Return Lodgement Due Dates

The Self-Managed Superannuation Fund (SMSF) Annual Return (SAR) must be lodged with the Australian Taxation Office (ATO) each year. The due date for lodgement depends on the SMSF’s circumstances:

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SMSF Type                                                                           Lodgement Due Date

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New SMSFs                                                                            28 February following the end of the financial year

Existing SMSFs with a tax agent                                      15 May (unless previous late lodgements, then 31 Oct)        Existing SMSFs lodging without a tax agent               31 October

Final return (for a fund winding up)                               As soon as possible after completing the fund’s wind-up

Implications of Late or Non-Lodgement

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Failure to lodge the SMSF Annual Return on time can result in serious consequences, including:

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Penalties and Fines

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The ATO may apply administrative penalties for late lodgement, currently starting at $330 per penalty unit.

An SMSF is usually a “small entity” and a maximum of 5 penalty units can apply, so at the rate above $1,650 per return that is overdue. The penalty may increase depending on the severity and length of the delay.

Suspension of Fund’s Compliance Status

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The SMSF may be marked as “Regulation Details Removed” on Super Fund Lookup, affecting its ability to receive employer contributions or rollovers from other super funds.

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Increased Compliance Scrutiny

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The ATO may conduct compliance audits or reviews if an SMSF consistently fails to lodge on time.

Trustees may be required to explain delays, and continued non-compliance could lead to the SMSF being deemed non-compliant.

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SMSF Non-Compliance and Tax Consequences

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If the fund is declared non-compliant, it could lose its concessional tax rate of 15% and instead be taxed at the highest marginal rate (currently 45%).

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Trustees may also face disqualification or civil penalties for persistent non-compliance.

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How to Avoid Late Lodgement Issues

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Engage a registered tax agent to ensure timely lodgement.

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Maintain accurate financial records throughout the year to streamline the reporting process.

If experiencing difficulties in lodging on time, contact the ATO before the due date to discuss possible extensions.

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For further details, visit the ATO website or consult a professional SMSF accountant or adviser.