Every Self-Managed Super Fund (SMSF) must lodge an SMSF Annual Return with the ATO each year. This is one of the key compliance obligations for SMSF trustees and includes reporting, payment of supervisory levy, and audit confirmation.
What Is the SMSF Annual Return?
The SMSF Annual Return is a combined document that:
- Reports the fund’s income and expenses for the financial year
- Reports member information (balances, contributions, pensions, rollovers)
- Reports regulatory information (trustee declarations, compliance)
- Confirms the annual audit has been completed
- Pays the SMSF supervisory levy ($259 in FY2024–25)
- Pays any income tax owing (fund earnings taxed at 15% in accumulation phase, 0% in pension phase)
When Is the SMSF Annual Return Due?
Due dates depend on how the return is lodged and the fund’s circumstances:
| Circumstances | Due date |
|---|---|
| Lodged through a registered tax agent | Generally 15 May following the financial year end (31 July–1 June window depending on agent) |
| Self-lodged by the trustee | 31 October following the financial year end |
| New SMSF (first year) | 28 February following the year the fund was established |
Most SMSF trustees use a registered tax agent (SMSF accountant), which extends the lodgement deadline significantly.
The SMSF Audit Requirement
Before lodging the annual return, the fund must have completed an annual independent audit by an ASIC-registered SMSF auditor:
- The auditor is NOT the same person as the SMSF accountant or any trustee
- The auditor reviews both the fund’s financial statements AND compliance with SIS Act requirements
- The audit must be completed before the annual return is lodged
- The auditor provides an audit report (signed and dated)
The annual return asks for the auditor’s details and confirms the audit date — the ATO can cross-check this.
What Triggers an ATO Review or Audit?
The ATO may review an SMSF if the annual return:
- Is lodged late without explanation
- Shows unusual transactions or contribution amounts
- Indicates compliance issues (investment in prohibited assets, related-party transactions)
- Reports a “qualified” audit opinion (the auditor flagged concerns)
What If the Annual Return Is Late?
Late lodgement penalties apply:
- $222 per 28-day period the return is overdue (up to 5 periods = $1,110 maximum)
- The ATO may also impose administrative penalties or refer the fund for review
Importantly, funds with an outstanding annual return are shown as “regulation details withheld” on the ATO’s Super Fund Lookup — which signals to other funds that the SMSF may not be in compliance, potentially causing rollover problems.
Key ATO Lodgement Tool
SMSFs (or their tax agents) lodge the annual return through:
- ATO Online Services (Business Portal) — for self-lodged
- Tax Agent portal (Practice Manager) — for agent-lodged
The ATO provides an SMSF annual return guide each year at ato.gov.au.
For more: SMSF Guide, Corporate vs Individual Trustee, Winding Up an SMSF. For SMSF administration advice, speak with a licensed SMSF specialist. Find an adviser via MoneySmart.