Newly registered self-managed super funds (SMSFs) who have a registered tax agent must lodge their self-managed super fund annual return by 28 February 2013. If your fund did not have a registered tax agent and you self-prepared its return then these were required to have been lodged by 31 October 2012.
To meet the lodgment deadline, make sure you allow enough time to have your financial accounts and statements audited.
If you haven't done anything with the newly established SMSF (ie it has no assets set aside for members and has not
started operating, it is not legally established. In this situation, the trustee or tax agent can ask the Australian Taxation Office (ATO), in writing, to have:
- their Australian business number (ABN) cancelled if they do not intend to hold assets or operate as an SMSF
- a return not necessary (RNN) concession applied (only available in the first year of registration), if the SMSF meets all the following conditions - it
- was registered in the 2011-12 financial year
- was not operating by 30 June 2012
- has not received contributions or rollover amounts by 30 June 2012
- has actually received contributions or rollovers in the 2012-13 financial year.
If an SMSF is in its second or subsequent year of operation, and it does not have assets set aside for the benefit of members, and not started operating then it has not legally been established. Trustees or tax agents of these funds will need to ask the ATO in writing to have the SMSF's ABN cancelled.
If an SMSF has previously advised that a return was not necessary, is legally established and needs to lodge an annual return for the first time, their due date for their first annual return is the new registrant due date.
In all other circumstances, SMSFs must lodge an SMSF annual return for each year of operation, including the year the fund is wound up. Failure to do so may result in compliance action from the ATO. Annual returns with no assets or no member account balances will not be accepted, unless it is a final return.
For more information, refer to the ATO's Guide to self-managed superannuation funds