SMSF return

See the ATO website for

Only self-managed superannuation funds should use these instructions. Super funds that are not SMSFs at 30 June of the current income year, must use the current year SMSF income tax return and instructions.
You must lodge an SMSF annual return each year even if it doesn't have a tax liability.

The ATO regulates funds where the trustees elect 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). 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, 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 that can be completed and lodged with the SMSF return:

Description	Acronym
Amendment schedule (amd)	amd
Capital gains schedule (BW)(or select Populate BW from 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 SMSF that are lodged separately are:

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
cud - Change or advise address for a client - Non-individual entities (PLS CUADDR)	cud
cug - Change details - Non-individual entities (PLS CUDTL)	cug
Fringe Benefits Tax (FBT) Return (EB)	eb
Instalment activity statement (GB)	gb
cuh - Returns not necessary - Individuals (PLS CURNN)	cuj
Standalone Family Trust Election (XX)	XX
Standalone interposed entity election/revocation schedule (YY)	yy

MYOB worksheets

MYOB Worksheets for dissection and record-keeping purposes only. Worksheets are not lodged with the return:

Description	Acronym
Capital gains worksheet (g) (select Populate BW to complete the BW from calculated values in the capital gains (g))	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 Income worksheet (int) - Entities	int
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: