Managing a self-managed super fund (SMSF) involves ongoing compliance responsibilities, and one of the most important is lodging the SMSF annual return.
Whether your fund is newly established or has been operating for several years, understanding what the yearly return involves and how it’s submitted can help you stay compliant and avoid unnecessary stress.
Online Super Fund are SMSF accounting specialists. In this guide, we’ll explain what an SMSF annual return is, when it needs to be lodged, what information it includes and how the process works for our SMSF clients.
SMSF Annual Returns in short:
- An SMSF annual return must be lodged for every financial year the fund exists, including years with no activity
- Your return cannot be lodged until an approved independent auditor completes the SMSF audit
- Most SMSF annual returns are lodged electronically by a registered SMSF tax agent
- Due dates vary depending on whether the fund is new, ongoing, or has a history of late lodgements
- The return combines tax, regulatory, and member reporting into a single lodgement
What is an SMSF Annual Return?
According to the ATO, there are now more than 650,000 SMSFs in Australia, collectively managing over 1.1 million members and a significant portion of the country’s retirement savings. This makes SMSFs one of the most closely monitored parts of the superannuation system, and accurate annual reporting is essential.
An SMSF annual return is a single yearly lodgement that reports your fund’s financial, tax and regulatory information to the Australian Taxation Office (ATO).
Every SMSF must lodge an annual return for each financial year the fund exists, including:
- Years where there were no transactions or assets
- The final year when the fund is wound up
The only typical exception is for newly established SMSFs that had no rollovers, contributions, assets or operations before 30 June. In these limited cases, your fund may be eligible to lodge a Return Not Required (RNR) instead of a full SMSF annual return for its first year.
What information is included in an SMSF Annual Return?
Your SMSF annual return needs to include a wide range of information, including:
- Assessable income and allowable deductions
- Tax payable or refundable
- Franking credits
- Member balances as at 30 June
- Contributions received during the financial year
- ATO regulatory and compliance information and trustee declarations
SMSFs are self-assessed entities, which means the tax payable is calculated and reported in the annual return itself, and is generally payable based on the lodgement outcome rather than waiting for the ATO to request payment.
Any tax owing is generally due on your fund’s applicable lodgement date, not automatically at 30 June.
The role of the SMSF Audit
Before your SMSF annual return can be lodged by your SMSF tax accountant, your fund must be audited.
The audit must be conducted by an approved independent SMSF auditor and covers two key areas:
- Financial statements – checking the accuracy of the fund’s accounts
- Compliance with superannuation law – confirming the fund has met its regulatory obligations
Your annual return cannot be lodged without a completed audit. At Online Super Fund, this annual audit is included in our SMSF accounting and compliance service. Please note that we engage independent auditors and do not offer audit-only services.
You can learn more about what’s involved in SMSF compliance on our SMSF accounting services page.
How is an SMSF Annual Return submitted?
Most SMSF annual returns are prepared and lodged electronically by a registered SMSF tax agent using approved software.
While trustees are legally allowed to lodge the return themselves, there is no option to lodge directly through myGov or by paper lodgement. Lodgement must use ATO approved lodgement software, which can make self-lodgement complex and time-consuming. This is why the majority of SMSFs choose to lodge through a specialist SMSF tax agent.
Agents also assist with accurate reporting and lodgement deadlines, particularly because due dates can vary.
Read more: SMSF Tax: How it works, rates and deadlines
SMSF Annual Return due dates in Australia
The due date for lodging an SMSF annual return depends on your fund’s status and lodgement history:
- New SMSFs that lodge through a tax agent generally lodge by 28 February
- Ongoing SMSFs that lodge through a tax agent typically lodge by 15 May
- Self-lodged SMSF tax returns are generally due by 31 October for new SMSFs or overdue returns, and 28 February for most other self-prepared SMSFs
- The ATO may move funds with a history of late lodgements to an earlier due date
Staying up to date is important, as late lodgement can lead to penalties and increased ATO scrutiny. You can read more about ongoing obligations on our SMSF compliance obligations page.
Why accuracy matters for SMSF Annual Returns
Because SMSFs are self-assessed as well as self-managed, errors or omissions in your annual return can have serious consequences. These may include amended assessments, penalties or the fund being flagged for closer ATO monitoring.
Working with experienced SMSF specialists can help reduce these risks and give you the confidence that your annual obligations are being handled correctly.
Want help from a specialist agent to submit your SMSF annual return? Contact Online Super fund today.
SMSF Annual Returns: Frequently Asked Questions
Do I need to lodge an SMSF annual return if my fund had no activity?
Yes. An SMSF must lodge an annual return each year it exists, even if there are no transactions or assets. The only exception to this is if the ATO has formally accepted a Return Not Required for a newly established SMSF with no contributions, rollovers or assets held before 30 June in its first year.
Can I lodge my SMSF annual return myself?
You can lodge your SMSF return as the trustee, but it cannot be lodged through myGov or by paper lodgement. Most SMSFs lodge through a registered SMSF tax agent because of the time required to lodge a return themselves.
Why should I choose Online Super Fund to help with my SMSF annual return?
We do one thing and we do it well, specialising in SMSF accounting and never outsourcing to overseas operatives. You’ll receive personalised service as well as accurate SMSF annual return management.
Does an SMSF audit happen before or after the annual return is submitted?
Regulations dictate that an audit must be completed before your SMSF annual return can be lodged.
When is tax payable for an SMSF?
Any tax payable is due on your SMSF’s applicable lodgement date, not automatically at 30 June.
Does Online Super Fund provide tax or financial advice?
No. Our services are limited to handling the annual compliance obligations of an SMSF, including financial statements, arranging independent SMSF audits, and lodging the yearly tax return.
Disclaimer: This article contains general information only and does not take into account your personal objectives, financial situation, or needs. It is not a substitute for financial, taxation, or legal advice. While care has been taken to ensure the information is accurate at the time of publication, superannuation and tax laws are complex, can change, and apply differently depending on individual circumstances. SMSFs are subject to strict compliance requirements, and mistakes can result in penalties or additional tax. You should seek advice from a suitably qualified and registered professional before acting on this information.
