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SMSF return

  • 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:

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:

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