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  • Lodgment, assessment and payment

    Attention

    Warning:

    This information may not apply to the current year. Check the content carefully to ensure it is applicable to your circumstances.

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    Lodgment

    An SMSF must lodge an SMSF annual return, even if it does not have a tax liability for the income year.

    You can lodge the SMSF annual return either:

    • electronically, or
    • on the paper form Self-managed super fund annual return 2016 (NAT 71226).

    The audit of your SMSF must be finished before you lodge the SMSF annual return, as you need information from the audit report to complete the regulatory information on the SMSF annual return.

    Lodging electronically

    To lodge electronically you need:

    • commercial software that supports electronic lodgment by either standard business reporting (SBR) or electronic lodgment service (ELS) (tax agents only)
    • to register for the electronic lodgment method (either SBR or ELS) that your software uses.

    For more information, see:

    You cannot lodge electronically if the SMSF has:

    • no assets or liabilities (unless it has been wound up during the year) or
    • no assessable income and it claims deductions for expenses such as tax-agent fees or the SMSF supervisory levy.

    You must lodge a paper return if these circumstances apply to your SMSF.

    Lodging using the paper form

    You can lodge a paper SMSF annual return that:

    To lodge a paper SMSF annual return, post it to:

    Australian Taxation Office
    GPO Box 9845
    IN YOUR CAPITAL CITY

    The address must appear exactly as shown above. Do not use a city name or postcode. We have a special agreement with Australia Post. You have not lodged your paper SMSF annual return if it is sent to another address (even if it is the address of an ATO office).

    You may photocopy the annual return for the SMSF’s records but you must send us the original.

    Electronic lodgment not available for some SMSFs

    You must lodge a paper SMSF annual return in the following situations:

    1. The SMSF has both non-arm's length income and an arm's length loss.
      Note that arm's length income, deductions and losses must be kept separate from non-arm's length income, deductions and losses.
    2. The SMSF has:      

    Note that the resulting tax loss must be reduced by the SMSF's tax exempt current pension income before it can be carried forward to a future income year (see 'Losses' in Self-managed super funds and tax exemptions on pension assets).

    Lodging schedules

    The following are the only schedules that you may include with the SMSF annual return, if required:

    any elections required by Taxation Ruling IT 2624 – Income tax: company self-assessment, elections and other notifications, additional (penalty) tax, false or misleading statement.

    SMSF annual returns lodged without all the required schedules are not lodged in the approved form. Unless your SMSF annual return and all required schedules are lodged by the due date, we may apply a penalty for failing to lodge on time.

    You may have to complete other schedules or documents which you are not required to lodge with your SMSF annual return. Do not send them with the SMSF annual return. Sign and date any schedules and keep the schedules and documents with the SMSF’s tax records.

    Lodgment due dates

    The SMSF annual return for a particular income year is due in the following income year. For example, the SMSF annual return 2016 (for 2015–16) is due in 2016–17.

    Not all SMSFs have the same lodgment due date. Check the table below for a due date that applies to your SMSF. Regardless of the dates in the list below, you must lodge by a different date if we have directed you to. You should familiarise yourself with your SMSF's lodgment obligations.

    Self-preparers

    An SMSF that prepares and lodges its own annual return must lodge by the applicable date shown in the table below. If more than one date applies to the SMSF, it must lodge by the earliest date that applies to it.

    Date

    Types of lodgment

    31 October 2016

    • New registrant SMSF. Payment, if required, is due on 1 December 2016.
    • SMSF with one or more annual returns overdue on 30 June 2016 (unless they have been granted a deferral). Payment, if required, is due 1 December 2016.

     

    15 January 2017

    SMSF that was a taxable large or medium entity in 2015–16. Payment is due 1 December 2016. See Due dates for the current financial year.

    28 February 2017

    All other self-preparing SMSFs (unless we have directed you to lodge on a different date). Payment, if required, is also due on the lodgment date.

    Failure to lodge your SMSF annual return by the due date can result in penalties and the loss of your SMSF’s tax concessions.

    Tax agent clients

    An SMSF that uses a registered tax agent to prepare and lodge its annual return should contact its tax agent to find out the due date for lodgment.

    Amending an SMSF annual return

    To amend your SMSF annual return you need to

    • resubmit the whole return and
    • answer 'yes' to the question Is this an amendment to the SMSF's annual return? at question 5 in section A.

    When submitting an amendment, you must complete the new form in full (not just the parts you want to change). Your amended form will replace the original form in our system.

    You can lodge amendments to the 2016 SMSF annual return by:

    The address must appear exactly as shown above. Do not use a city name or postcode. We have a special agreement with Australia Post. You have not lodged your paper SMSF annual return if it is sent to another address (even if it is the address of an ATO office).

    You cannot request amendments to an SMSF annual return by:

    • writing to us with the correct details, or
    • using a Request for an amendment of an income tax return form.

    Assessment

    Under full self-assessment, an SMSF completes and lodges its annual return and pays the amount it is required to pay (if any) to the ATO. An assessment of an SMSF is deemed to be made on the day on which the annual return is lodged.

    The SMSF will not receive a notice of assessment. However, we will issue a notice of amended assessment if subsequent amendments are made.

    For more information, see Dispute or object to an ATO decision.

    You can request a ruling or SMSF specific advice to clarify the way the law applies to your SMSF. For more information, see:

    Payment

    Your payment needs to reach us on or before its due date, whether the payment is made in Australia or from overseas.

    Payment methods

    Our preferred payment methods are:

    • BPAY®
    • Credit card

    For more payment options, see How to pay.

    It is important that you provide the correct PRN when making your payment.

    A PRN is your payment reference number. You need to quote your PRN when making a payment. If you are unable to locate your PRN, you can:

    • phone us on 1800 815 886, 8.00am-6.00pm, Monday to Friday
    • email us at payment@ato.gov.au

    What if your SMSF cannot pay its tax debt by the due date?

    If you cannot pay the debt on time phone 13 28 66 and ask for account management.

    You are expected to organise the SMSF’s affairs to ensure that you pay the debt on time. However, depending on the circumstances you may be able to enter into an arrangement to pay by instalments.

    You may need to provide details of the SMSF’s financial position, including a statement of its assets and liabilities and details of the SMSF’s income and expenditure. We will also want to know what steps you have taken to obtain funds to pay the tax debt and the steps you are taking to meet future payments of tax debts on time.

    General interest charge (GIC) is an interest charge imposed where there is a late payment of a tax debt. The GIC rate is the 90-day bank accepted bill rate plus 7% and is updated on a quarterly basis. Amounts payable under the original assessment are due on the statutory due date for payment, which is the first day of the sixth month of the following income year or by such later date as the Commissioner allows. For SMSFs the balancing date is 30 June 2016 and the statutory due date for payment is 1 December 2016; however, for many SMSFs a later payment due date will apply. GIC will begin to accrue from the due date for payment until the amount is paid in full. GIC compounds daily and is calculated on any outstanding balance.

    For more information on the GIC, phone 13 28 66.

    Penalties and interest charges

    You should take care in your application of the law and the statements you make in the SMSF annual return. The law imposes penalties on the trustees of SMSFs for:

    • failing to lodge the annual return on time and in the approved form
    • making a false or misleading statement even if there is no shortfall amount
    • having a shortfall amount for underreporting a liability or over-claiming a credit that is caused by taking a position that is not reasonably arguable
    • failing to provide an annual return from which the Commissioner can determine a liability
    • entering into a scheme to obtain a tax benefit.

    Knowingly answering a question incorrectly will result in a higher penalty than answering carelessly. SMSF trustees have ultimate responsibility for the SMSF, regardless of whether or not the trustees use professional services such as administration providers, tax agents or other financial advisers.

    Penalties for false or misleading statements will not apply, if:

    • the trustee of the SMSF and their agent (if applicable) made a mistake and they took reasonable care with making the statement, or
    • the trustee of the SMSF gave their registered tax agent all relevant taxation information and the agent makes a false or misleading statement due to a lack of reasonable care by the agent.

    The trustee of an SMSF is liable for GIC if:

    • tax, penalties or shortfall interest charges (SIC) remain unpaid after the due date for payment, or
    • a variation of a pay as you go (PAYG) instalment rate or amount is less than 85% of the rate or amount which would have covered the SMSF’s actual liability for the year.

    The trustee of an SMSF is liable for the SIC if the SMSF’s income tax assessment is amended and its liability increased. Generally, the SIC accrues on the extra tax payable from the due date of the original assessment until the day before the assessment is amended.

    For general information about SMSF penalties, see How we deal with non-compliance.

    Last modified: 20 Apr 2017QC 48236