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SMSF Updates

Top five errors in SMSF annual returns

27 Feb, 2020

The general due date for self-lodgment of the annual return for new SMSFs is 28 February.

For existing SMSFs without overdue tax returns, the due date is 15 May.

The ATO has identified the most common errors it sees in these returns.

These include:

  • annual returns not having a unique bank account for the fund, that is separate from the trustees’ or advisers’ bank accounts;
  • failing to value the SMSF’s assets at market value as on 30 June;
  • lodging a return for an SMSF without any assets (unless the fund is being wound up);
  • providing an incorrect electronic service address;
  • failing to include the SMSF auditor’s details. Auditors must be appointed at least 45 days before the return is due to be lodged.

At iCare Super, our SMSF specialist double review all the SMSF tax return before lodge them with ATO to avoid all the possible errors. This will ensure your SMSF to meet all the SMSF rules and regulations. If you have made any errors in your SMSF, please feel free to contact us and we will rectify them for your as soon as possible.

Why should you use our SMSF tax return preparation services?

  • we are only specialised in SMSF accounting services
  • we have experienced staff to help you or answer your questions promptly
  • our staff are trained on regular basis for new rules, legislation changes related to SMSFs. These errors in the tax returns can be easily avoided with our updated SMSF knowledge.
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