Check your figures before you lodge
Even when all fields are completed in the Self-Managed Super Fund (SMSF) annual return (SAR), reconciliation issues can lead to unnecessary processing delays. Before submitting your SAR, take a close look at your calculations and totals. Ensure figures align across all sections and schedules.
Pay close attention to LRBA reporting
Limited Recourse Borrowing Arrangement (LRBA) reporting is one area where inconsistencies often arise. It’s important to check LRBA figures align across all relevant sections of the return. Taking the time to compare these figures can help prevent avoidable errors.
Avoid duplicate lodgments and premature amendments
Submitting returns at the wrong time can lead to complications, even when the data itself is correct. One recurring issue is repeat lodgments or premature amendments.
If a return is still being processed or has been suspended, lodging a new version or amendment can create confusion and slow things down further. Instead, wait until the original submission has been finalised before making any updates.
Support faster processing
This approach helps maintain a clear processing trail, avoids unnecessary duplication and supports more efficient processing by reducing the need for additional review activities.
Final check reminder
Before lodging, check the status of any existing submissions. A little patience upfront can prevent rework and ensure a smoother, more efficient process overall.
Make sure you review your SAR before you lodge to help reduce the likelihood of errors, ensure smoother processing and avoid unnecessary delays.
If you're an SMSF trustee or professional and need help visit Help and support for SMSFs for more information.
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