When Are Tax Returns Due for Self-Managed Super Funds ("SMSFs") in Australia - CapitalQ

When Are Tax Returns Due for Self-Managed Super Funds (“SMSFs”) in Australia


Hi Folks

So when are Self-managed Superannuation Fund tax returns due?

Well firstly, it is worth pointing out that what Self-Managed Super Funds, or SMSFs, lodge is somewhat of a hybrid document. It is actually two old forms now combined into one. So it is now more correctly referred to as an Annual Return, and it combines the old super fund tax return and the old superannuation compliance report.

Nevertheless for pretty much everyone, despite the fact the document is called something else, it is still just considered to be the fund’s tax return.

Now SMSFs are pretty much subject to all the same lodgement and payment deadlines as companies.

So that means –

If you have one or more prior year returns outstanding, lodgement is due on 31 October (though you do actually get until 1 December to actually pay your fund’s tax bill).

If your fund qualifies as a Large or medium taxpayer, lodgement is due 15 January though payment was due prior to that back on 1 December. There aren’t too many SMSFs that qualify for this early due date, but if your fund’s annual total income is more than $10 million, or your fund has more than $50 million of investments, you are caught!

Now one quirk, is that newly established SMSFs that are not otherwise due on 15 January, are required to lodge their first annual return, and pay any tax due, by 28 February. And this due date catches a lot of people out, because it only applies to new funds in that first year.

Thereafter the following dates generally apply …

If your SMSF has income for the year of more than $2 million, and it wasn’t required to lodge earlier, then it will be required to lodge and pay its tax on 31 March.

All remaining SMSFs are then due for lodgement on 15 May.

As with other entity types, there is the 5 June concession, which is not a real due date, but allows some funds to lodge as late as 5 June but not be considered to have lodged late. And this applies to funds who had no tax to pay last year and also will have no tax to pay this year.

Hope you find that helpful.

Thanks for watching and bye for now.

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