SMSF return

See Completing the self-managed fund annual return on the ATO website.

Only self-managed superannuation funds should use these instructions. Super funds that are not SMSFs at 30 June 2018, must use the 2018 Fund income tax return and instructions.
You must lodge an SMSF annual return even if it does not have a tax liability.

The ATO regulates funds where the trustees elected to be a regulated superannuation fund and which satisfies the requirements for a self-managed superannuation fund (SMSF). These are set out under the Superannuation Industry (Supervision) Act 1993 (SISA) and you must prepare and lodge the SMSF (MS) for the current income year.

Select ATO Schedules from the navigation pane or select Preparation > Schedule to open:

a family trust election, revocation or variation (Schedule X)
an Interposed entity election or revocation (Schedule Y).

You can lodge standalone elections XX: Family trust election, revocation or variation, and YY: interposed entity election or revocation as standalone forms, separately from the return.

Data entry

We list the SMSF annual return (MS) items and labels on a set of tab cards at the top of the form:

ATO schedules

Schedules lodged with an individual return:

Description	Acronym
Amendment schedule (amd)	amd
Capital gains schedule (BW) (or select Populate BW in the Capital gains worksheet (g) )	bw
Family Trust Election, Revocation or Variation (X)	X
Interposed entity election/revocation schedule (Y)	y
Losses schedule (BP)	bp
Other attachments schedule (att)	att
Payment summary schedule (PS)	ps

ATO forms

Forms associated with the SMSF that are lodged separately:

Description	Acronym
cub – add or delete a client – non-individual entities (PLS CUREL)	cub
Annual GST return (GR)	gr
Annual instalment activity statement (GI)	gi
Business activity statement – BAS (GA)	ga
cug – Change details – Non-individual entities (PLS CUDTL)	cug
cud – Change or advise address for a client – Non-individual entities (PLS CUADDR)	cud
Instalment activity statement (GB)	gb
cuj – Returns not necessary – Non-individual entities (PLS CURNN)	cuj
Standalone Family Trust Election (XX)	XX
Standalone interposed entity election/revocation schedule (YY)	yy

MYOB worksheets

MYOB worksheets are for dissection and record-keeping purposes. They are not lodged with the ATO.

Open these worksheets by clicking the item label or selecting Preparation > Schedule :

Description	Acronym
Capital gains worksheet (g) (or select Populate BW in the capital gains worksheet)	g
Capital works deductions worksheet (sbw)	sbw
Depreciation worksheet (d)	d
Distributions from partnerships worksheet (dfp)	dtp
Distributions from Trusts worksheet (dft)	dft
Early stage investor offset worksheet (esi)	esi
Early stage venture capital limited partnership (ESVCLP)	esv
Exploration credits worksheet (exc)	exc
Foreign income worksheet (for)	for
Forestry managed investment scheme worksheet (fms)	fms
Gross dividends worksheet (div)	div
Interest on early payments worksheet (epi)	epi
Interest on no-TFN tax offset worksheet (ito)	ito
Motor vehicle worksheet (mve)	mve
Net non-arm's length income worksheet (naf)	naf
Other deductions worksheet (otd)	otd
Other income worksheet (oti)	oti
PAYG instalment income worksheet (xPF)	xPF
Prior year losses worksheet (pyl)	pyl
Taxation of financial arrangements worksheet (tof)	tof

Processes for the SMSF include:

When you select F4 a formal Estimate of the SMSF’s tax liability for the current and subsequent year is prepared. You can Preview or Print this estimate.

Additionally, you can prepare a PAYG Income tax Instalment worksheet from Preparation > Schedule > xPF - PAYGI (Instalment estimate) for an audit trail of how we arrived at the result.

If the current year return has been completed you can pre-fill the worksheet with those values. If not lodged or the ATO has not yet issued the first quarterly instalment notice, you can use the values from either of the two immediate prior years. However, you must use the values from most recently lodged of those two prior year returns.

You can also manually key values or alter pre-filled values where that value is editable. This is helpful for calculating What-if scenarios.

Other processes performed include: