Knowledge Centre

How to get your SMSF tax return right

1/7/2024

If you’re one of the many Australians who’ve purchased a property through a Self-Managed Superannuation Fund (SMSF), the Australian Taxation Office (ATO) has provided valuable guidance about how to file your annual tax return.

The ATO said that if you want your SMSF annual return to be processed without delay, you should make sure:

• You include members’ information and tax file numbers (in Section F).
• You provide the correct SMSF auditor number and auditor details, including the date the audit was completed (Section A Item 6).
• The closing account balance equals the sum of accumulation and retirement phase account balance amounts. If the member’s closing account balance is zero or a negative amount, write 0 (Section F Label S).

If you want to wind up your SMSF and lodge your final return, you should make sure you have paid member benefits if a condition of release has been met or rolled over funds to an APRA account via SuperStream, according to the ATO.