Newsletter No. 7, July 2012

Lodgement & Payment Dates

Your SMSF will need to lodge an annual tax return with the ATO at the end of each financial year.  The form your SMSF needs for this purpose is called the “Self-managed Superannuation Fund Annual Return”.  You can obtain this form from the ATO. The form numbers are:

  • NAT 71606-06.2012:  Self-managed superannuation fund annual return instructions 2012
  • NAT 71226-06.2012:  Self-managed superannuation fund annual return

Please keep in mind that although you can prepare the SMSF’s annual return yourself, you can not audit your own SMSF. You also cannot lodge your SMSF annual return until the audit of your SMSF has been finalised by an approved independent auditor.

Lodgement and Payment Dates

The lodgement and payment date for a SMSF that prepares their own SMSF annual return is 31 October 2012.

If you get your registered tax agent to prepare your SMSF’s annual return, then the lodgement and payment dates are in accordance with the tax agent lodgement programas detailed below.

Lodgement Program 2012–13 (for the financial year 1 July 2011 to 30 June 2012 (i.e. 2012 annual tax return))

  • New registrant:  An SMSF established and registered between 1 July 2011 and 30 June 2012.
  • Non-taxable:  An SMSF with a taxable income of nil.
  • Large/Medium taxpayer:  An SMSF with an annual total income greater than $10 million, or investments of more than $50 million, or both.

Criteria

Lodgement Date

Payment Date

An SMSF with one or more prior year tax returns overdue as at 30 June 2012

31 October   2012

1 December   2012

An SMSF who is deemed large/medium taxpayer with taxable prior year return lodged

15 January   2013

1 December   2012

An SMSF who is deemed large/medium taxpayer with non-taxable prior year return lodged

28 February   2013

28 February   2013

New registrant (taxable and non-taxable)

28 February   2013

28 February 2013

A SMSF with total income in excess of $2 million in the latest year lodged   (excluding large/medium taxpayers).

31 March 2013

31 March 2013

All other SMSFs not included in the above categories.

15 May 2013

15 May 2013

Lodgment and/or Payment date falls on a weekend or a public holiday

If a lodgement and/or payment date falls on a weekend or a public holiday, then you can lodge and/or pay on the first business day after their due date without incurring a penalty from the ATO.

Monica Rule is the author of “The Self Managed Super Handbook – Superannuation Law for Self Managed Superannuation Fund”.  Her advice is general in nature and readers should seek their own professional advice before making any financial decisions.

Monica Rule