Annual returns for newly registered SMSFs due soon

Trustees of self-managed superannuation funds (SMSFs) have been urged to prepare for the impending 2011-12 annual return deadline. If you belong to a newly registered SMSF – and assuming you lodge your returns with the help of this office – you will usually have a 2011-12 annual return deadline of February 28, 2013. To meet the lodgement deadline, you should have already had your financial accounts and statements audited.

If an SMSF has no assets set aside for the benefit of members and has not started operating, it is not legally established. In this situation, you can ask this office to write to the ATO to:

  • have your Australian business number (ABN) cancelled if you do not intend to hold assets or operate as an SMSF, or
  • apply for a “return not necessary” (RNN) concession if your SMSF meets all the following conditions:
    a) it was not registered in the 2011-12 financial year
    b) it was not operating by June 30, 2012
    c) it has not received contributions or rollover amounts by June 30, 2012
    d) it has actually received contributions or rollovers in the 2012-13 financial year.

Remember that a RNN concession is only available during your SMSF’s first year of registration and if all the eligibility conditions are met.

Conversely, if an SMSF is in its second or subsequent year of operation, it does not have assets set aside for the benefit of members and it has not started operating, then it has not legally been established. Consult this office so we can write to the ATO to have your SMSF’s ABN cancelled – just as above.

If an SMSF has previously advised that a return was not necessary but it is legally established and needs to lodge an annual return for the first time, the due date for the first annual return is February 28, 2013.

SMSFs must lodge an annual return for each year of operation, including the year in which the fund is wound up. Failure to do so may result in compliance action. Bear in mind that annual returns with no assets or no member account balances will not be accepted, unless it is a final return.

Consult this office if you need any help lodging your SMSF’s annual return. n

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