New to SMSFs? Start preparing for your first SAR lodgment
New to SMSFs? Start preparing for your first SAR lodgment
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New SMSFs that are required to lodge a self-managed super fund annual return by 31 October should start preparing now, the ATO said.
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The tax office is reminding new trustees that if they have recently set up an SMSF, staying on top of their lodgment and reporting obligations is important.
The first SMSF annual return is due by 31 October 2026. If a trustee is working with a registered tax agent, the tax office said they should contact them early so they can try to include the SMSF in their lodgment program, which could extend the due date to 28 February 2027.
However, it is important to understand that some funds may still need to lodge by 31 October 2026, even with a tax agent, so the ATO said trustees should check their registration letter to confirm the specific due date.
If it is the first SAR to be lodged, the regulator said there are several things to keep in mind. If the fund has no assets and it was set up prior to 30 June trustees can either lodge a return not necessary form, or cancel the SMSF registration if they no longer plan to operate the fund
It also reminded SMSF trustees that they now have ongoing responsibilities each year including preparing the fund’s accounts, including valuing assets and appointing an approved SMSF auditor at least 45 days before the funds lodgement due date.
They must also give their auditor enough time to complete the review and address any compliance issues raised by the auditor as well as lodge their annual return and paying any tax and the supervisory levy.
Trustees will also need to pay the supervisory levy which for new SMSFs is $518. This covers both the establishment year and the following financial year.
The ATO said if trustees prepare early they will have more success in keeping their fund compliant and avoid penalties. If they are unsure about anything, professional advice can make things easier.
To learn more, visit: Your obligations as an SMSF trustee or Help and support for SMSFs
Trustees can also explore the ATO’s interactive online learning modules to build their SMSF knowledge and confidence.
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