Lodging the SMSF annual return and schedules
An SMSF must lodge an SMSF annual return, even if it does not have a tax liability for the income year.
You can lodge the SMSF annual return, either:
Your annual SMSF audit must be finished before you lodge the SMSF annual return. You need information from the audit report to complete the regulatory information on the SMSF annual return.
Lodging electronically
To lodge electronically you need software that supports electronic lodgment by SBRExternal Link.
You can't lodge electronically and must lodge a paper SMSF annual return, if the SMSF has:
- no assets or liabilities (unless it was wound up during 2023–24)
- no assessable income
- a type of deduction that can be claimed even where there is no assessable income, such as tax-agent fees and the SMSF supervisory levy
- both non-arm's length income and an arm's length loss.
You must keep arm's length income, deductions and losses separate from non-arm's length income, deductions and losses.
You must reduce any tax loss by the SMSF's tax exempt current pension income before you carry the loss forward to 2024–25.
You must lodge a paper annual return if these circumstances apply to your SMSF.
Lodging the paper SMSF annual return
You can lodge a paper SMSF annual return that:
- you have downloaded and printed Self-managed superannuation fund annual return 2024
- we have sent to you.
To lodge your paper SMSF annual return, you must:
- send us your original paper SMSF annual return
- send your SMSF annual return to the following address
Australian Taxation Office
GPO Box 9845
IN YOUR CAPITAL CITY
The address must appear exactly as shown above. Don't use a city name or postcode, as we have a special agreement with Australia Post.
Photocopy the original annual return for the SMSFs records.
Lodging schedules
The following are the only schedules that you include with the SMSF annual return, if required:
- Capital gains tax schedule 2024
- Family trust election, revocation or variation 2024
- Interposed entity election or revocation 2024
- Losses schedule 2024
- Non-individual PAYG payment summary schedule 2024
- any election required by Taxation Ruling IT 2624 Income tax: company self assessment; elections and other notifications; additional (penalty) tax; false or misleading statement.
If you lodge the SMSF annual return without all the required schedules, we may not consider it to have been lodged in the approved form. Unless you lodge all schedules by the due date, we may apply a penalty for failing to lodge on time.
You may have to complete other schedules or documents which you are not required to lodge with your SMSF annual return. Don't send them with the SMSF annual return. Sign and date any schedules and keep the schedules and documents with the SMSF’s tax records.
Lodgment due dates
The SMSF annual return for a particular income year is due in the following income year. So the 2024 SMSF annual return (for 2023–24) is due in 2024–25.
Not all SMSFs have the same lodgment due date. Check below for the due date that applies to your SMSF.
If a due date falls on a weekend or public holiday you can lodge or pay on the next business day.
Self-preparers
An SMSF that prepares and lodges its own annual return must lodge by the applicable date shown in the table below. If more than one date applies to the SMSF, it must lodge by the earliest date that applies to it.
|
Lodgment date |
Self-preparer to whom the date applies |
Payment due date (if required) |
|---|---|---|
|
31 October 2024 |
|
1 December 2024 |
|
31 January 2025 |
|
1 December 2024. See Due dates for lodging and paying. |
|
28 February 2025 |
|
28 February 2025 |
Failure to lodge your SMSF annual return by the due date can result in penalties and the loss of your SMSF’s tax concessions.
Tax agent clients
An SMSF that uses a registered tax agent to prepare and lodge its annual return should contact its tax agent to find out the due date for lodgment.
For your first year the due date will be 28 February 2025.
Amending an SMSF annual return
To amend your SMSF annual return you need to:
- resubmit the whole annual return, and
- answer Yes to the question Is this an amendment to the SMSF's 2024 return? at Section A, item 5.
When submitting an amendment, you must complete the new form in full (not just the parts you want to change). Your amended form will replace the original form in our system.
You can lodge amendments to the 2024 SMSF annual return by:
- lodging a full SMSF annual return through Secure mail in Online Services for business
- lodging electronically using commercial software that supports Standard business reportingExternal Link (tax agents only)
- providing a full SMSF annual return through Online services for agents (tax agents only)
- sending the paper form Self-managed super fund annual return 2024 (NAT 71226) to
Australian Taxation Office
GPO Box 9845
IN YOUR CAPITAL CITY
The address must appear exactly as shown above. Don't use a city name or postcode. We have a special agreement with Australia Post. You have not lodged your amended paper SMSF annual return if it is sent to another address (even if it is the address of an ATO office).
You can't request amendments to an SMSF annual return by either:
- writing to us with the correct details
- using a Request for amendment of an income tax return for individuals form.
Assessment
Under full self-assessment, an SMSF completes and lodges its annual return and pays the amount it is required to pay (if any) to the ATO. An assessment of an SMSF is deemed to be made on the day on which the annual return is lodged.
The SMSF will not receive a notice of assessment. However, we will issue a notice of amended assessment if subsequent amendments are made.
If you don't agree with a decision made by the ATO, see Dispute or object to an ATO decision.
You can request a ruling or SMSF specific advice to clarify the way the law applies to your SMSF. For more information, see:
How to pay the SMSF annual return
The tax payable by a fund for an income year becomes due and payable on the statutory due date, which is the first day of the sixth month of the following income year. For example, for 30 June balancing funds the statutory due date is 1 December.
We offer a range of convenient payment options. For the full list of payment options see How to pay.
Your payments must reach us on or before the due date. When you use a valid payment reference number (PRN), your payment may take up to 4 business days to appear on your ATO account.
General interest charge (GIC) will be applied to any outstanding amounts owing after the due date.
If you can't pay your tax debt when due
You are expected to organise your affairs to ensure that you pay your debts on time.
If you can't pay your debt on time, you may be eligible for a payment plan. You need to consider how much you can pay so you can meet each ongoing payment amount and future obligations.
We recommend you use the payment plan estimator to work out a plan you can afford.
Even if you enter into a payment plan, GIC will accrue on the unpaid amount on a compounding basis. If you owe $200,000 or less you can set up a payment plan:
- through Online Services for businessExternal Link – select Accounts and payments then payment plans
- through your registered tax agent or BAS agent who can use online services to enter a payment plan on your behalf
- by phoning our automated service for business enquires.
- To set up a payment plan, you need your Australian Business Number (ABN) or Tax File Number (TFN) and the full details of your outstanding amount. You may need to provide details of the SMSF’s financial position, including a statement of its assets and liabilities and details of the SMSF’s income and expenditure. We will also want to know what steps you have taken to obtain funds to pay the tax debt and the steps you are taking to meet future payments of tax debts on time.
If your business owes over $200,000, phone our lodge and pay enquiry line during operating hours to discuss your options.
Penalties and interest charges
You should take care in your application of the law and the statements you make in the SMSF annual return. The law imposes penalties on the trustees of SMSFs for:
- failing to lodge the annual return on time and in the approved form
- making a false or misleading statement even if there is no shortfall amount
- having a shortfall amount for underreporting a liability or over-claiming a credit that is caused by taking a position that is not reasonably arguable
- failing to provide an annual return from which the Commissioner can determine a liability
- entering into a scheme to obtain a tax benefit.
Knowingly answering a question incorrectly will result in a higher penalty than answering carelessly. SMSF trustees have ultimate responsibility for the SMSF, regardless of whether or not the trustees use professional services such as administration providers, tax agents or other financial advisers.
Penalties for false or misleading statements will not apply, if:
- the trustee of the SMSF and their agent (if applicable) made a mistake and they took reasonable care with making the statement, or
- the trustee of the SMSF gave their registered tax agent all relevant taxation information and the agent makes a false or misleading statement due to a lack of reasonable care by the agent.
The trustee of an SMSF is liable for GIC if:
- tax, penalties or shortfall interest charges (SIC) remain unpaid after the due date for payment, or
- a variation of a pay as you go (PAYG) instalment rate or amount is less than 85% of the rate or amount which would have covered the SMSF’s actual liability for the year.
The trustee of an SMSF is liable for the SIC if the SMSF’s income tax assessment is amended and its liability increased. Generally, the SIC accrues on the extra tax payable from the due date of the original assessment until the day before the assessment is amended.
For general information about SMSF penalties, see How we deal with non-compliance.
Continue to: Instructions to complete your SMSF annual return 2024
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