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SMSF Annual Return (SAR) – Is Yours Due October 31?

Some SMSFs have their annual return (SAR) due by 31¬†October 2021. You’re required to lodge an SMSF Annual Return (SAR) if:

  • You are a new self-managed super fund (SMSF) or,
  • If you have missed previous years lodgments.

It’s worth noting that October 31 falls on a Sunday this year, so you will be able to lodge by 1 November 2021.

Your SMSF Annual Return (SAR) is not due on October 31 if you’re a new SMSF and lodging through a tax agent.

If your SAR is more than two weeks overdue and you haven’t contacted the ATO, they’ll change the status of your SMSF on Super Fund Lookup to ‘Regulation details removed’. This status will remain until your overdue lodgments are brought up to date, which means that APRA funds will not be able to roll over member benefits and employers will not be able to make super guarantee payments to fund members.

Make sure you have an appointed auditor and your accounts and statements are in order. For more on the SMSF Annual Return (SAR) required by October 31 see this update from the ATO.

What to do to prepare for SAR:

You have to appoint an approved SMSF auditor to audit your fund no later than 45 days before you need to lodge your SMSF annual return (SAR). The auditor will check to ensure your account is compliant with super laws.

Your approved SMSF auditor must be:

  • Registered with ASIC – you will need to provide their SMSF auditor number (SAN) on your SAR.
  • Independent. This means that an auditor cannot audit a fund in which they hold any financial interest in, or where they have a close personal or business relationship with members or trustees. They should also not audit a fund where they work for a firm who provides your fund with other services such as certain accounting services, tax, super or financial planning advice.

It’s very likely that auditors will be busy in the lead up to the October 31 deadline, so try to book one early. For more information read this article from the ATO or contact Intello

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