Late & Overdue SMSF Tax Returns: Has Your SMSF Fallen Behind on Its Tax Returns?
Running a Self-Managed Super Fund (SMSF) comes with significant responsibilities. As a trustee, you are responsible for ensuring your fund complies with Australian superannuation laws, maintains accurate records, completes an annual SMSF audit, and lodges its SMSF Annual Return with the ATO.
If your SMSF tax returns are overdue, it is important to act quickly. The longer a fund remains non-compliant, the greater the risk of penalties, compliance issues and complications with banks, employers and other service providers.
What Is an SMSF Annual Return?
The SMSF Annual Return combines the fund’s tax return, regulatory reporting and other information required by the ATO. Before an annual return can generally be lodged, the SMSF must first undergo an independent SMSF audit.
Why Is It Important to Lodge SMSF Tax Returns on Time?
Late lodgements may result in administrative penalties, increased ATO scrutiny, compliance issues and additional costs to bring the fund up to date.
Can Multiple Years of SMSF Returns Be Lodged?
Yes. We can assist with lodging SMSF tax returns that are several years overdue and, in some cases, more than 10 years of outstanding returns.
Frequently Asked Questions
- Up to how many years of overdue SMSF tax returns can you help lodge?
We can assist with lodging SMSF tax returns that are several years overdue and, in some cases, more than 10 years of outstanding returns. - Can you help reduce ATO penalties or interest charges?
We can assist with remission requests and ATO submissions where appropriate. Supporting evidence is generally required and outcomes cannot be guaranteed. - Can you provide a fixed fee quote?
Yes. We operate on a fixed-fee basis wherever possible and can provide an upfront quote after reviewing your circumstances. - Does your fee come out of my SMSF’s bank account?
In most cases, yes, provided sufficient fund balances are available. - How much does an SMSF audit cost? SMSF audit fees vary depending on complexity. Straightforward audits may range from approximately $250 + GST to $500 + GST. Complex funds involving contraventions, compliance concerns or extensive audit enquiries can exceed $800 + GST.
- Can SMSF tax returns be lodged online?
Yes.
Most SMSF tax returns are prepared and lodged electronically through registered tax agents and experienced SMSF accountants.
We provide remote SMSF accounting services Australia-wide, including coordination of your SMSF tax returns, SMSF audit requirements and online SMSF audit processes where appropriate. This allows trustees to finalise their SMSF obligations efficiently without attending our office in person.
Whether you are lodging your current year’s return or catching up on overdue SMSF tax returns, we can assist you throughout the entire process.