Annual returns for funds without assets

Trustees are advised that if their self-managed superannuation fund (SMSF) was registered without assets they may apply for their record to be flagged as 'return not necessary' (RNN).

Previously an RNN was only allowed for SMSFs registered before 1 January 2015 in their first year of registration. However, new rules now apply and RNNs will be allowed for first year lodgment (and subsequent years if required) if strict criteria are met.

To be eligible trustees need to confirm that their SMSF:

  • had no assets and did not receive contributions or rollovers in the first financial year
  • has documentary evidence of the date it first held assets and commenced operating
  • will be lodging future returns.

Documentary evidence of the date assets were first held must be included with the request for an RNN.

Remember, if the SMSF does not have assets set aside for the benefit of members its registration should be cancelled.

See also:

    Last modified: 13 Apr 2016QC 48704