The due date for SMSF tax returns varies depending on a number of factors, including:
– The financial year of the return
– Whether the SMSF is a new or established fund
– Whether the SMSF is a tax-paying fund or a non-tax-paying fund
– Whether the SMSF is a large or medium fund
– New SMSFs
The due date for the first SMSF tax return is 28 February of the year following the financial year to which the return relates. For example, the due date for the first SMSF tax return for the 2022-23 financial year is 28 February 2024.
Established SMSFs
The due date for established SMSF tax returns is 31 October of the year following the financial year to which the return relates. For example, the due date for the established SMSF tax return for the 2022-23 financial year is 31 October 2023.
Tax-paying SMSFs
Tax-paying SMSFs must lodge a tax return with the Australian Taxation Office (ATO) regardless of whether they are new or established funds. The due date for tax-paying SMSF tax returns is the same as the due date for established SMSF tax returns.
Non-tax-paying SMSFs
Non-tax-paying SMSFs are not required to lodge a tax return with the ATO if their total income for the financial year is less than $100,000. However, if their total income is more than $100,000, they must lodge a tax return. The due date for non-tax-paying SMSF tax returns is the same as the due date for tax-paying SMSF tax returns.
Large and medium SMSFs
Large and medium SMSFs are required to lodge a tax return with the ATO regardless of whether they are tax-paying or non-tax-paying funds. The due date for large and medium SMSF tax returns is 15 January of the year following the financial year to which the return relates. For example, the due date for the large and medium SMSF tax return for the 2022-23 financial year is 15 January 2024.
Late lodgement penalties
If you lodge your SMSF tax return late, you may be liable to pay a penalty. The amount of the penalty will depend on how late you lodge your return. For example, if you lodge your return more than 28 days late, you may be liable to pay a penalty of up to $2,500.
How to lodge your SMSF tax return
You can lodge your SMSF tax return online through the ATO’s website. You can also lodge your return by post.
Tips for lodging your SMSF tax return on time
Start planning early. The earlier you start planning for your SMSF tax return, the more time you will have to gather all the necessary information.
Make sure you have all the necessary information. You will need to have the following information to lodge your SMSF tax return:
– Your SMSF’s tax file number (TFN)
– Your SMSF’s bank account details
– Your SMSF’s investment income and expenses
– Your SMSF’s contributions and benefits
– Use the ATO’s online lodgement service. The ATO’s online lodgement service is easy to use and can save you time.
Check your return carefully before you lodge it. Make sure that all the information is correct and that you have signed and dated the return.
By following these tips, you can help ensure that you lodge your SMSF tax return on time and avoid any penalties.
