Lodging Your SAR Through Your Tax Professional?

If you registered your self-managed super fund (SMSF) during the 2022 income year and you have a tax professional, your SMSF annual return (SAR) was due on 28 February 2023. If your return has not been lodged, you should do so immediately to avoid penalties.

If you registered your SMSF prior to the 2022 income year and you have a tax professional, your SAR may be due on 15 May or 5 June 2023. You should contact your tax agent now to find out when your SAR is due and ensure your tax professional is an authorised representative for your fund.

After this has been confirmed with your tax professional, you will need to:

• appoint an auditor at least 45 days before your due date
• value the assets of the fund at their market value.

You must ensure the fund is audited before your SAR is lodged, and that the SAR contains the correct auditor details.

All members of your SMSF will receive an alert when the SAR has been lodged if it indicates that the fund’s bank account or electronic service address has been updated.

If your SAR hasn’t been lodged after 2 weeks from the due date, then the compliance status of your SMSF on Super Fund Lookup may be changed to ‘regulation details removed’. This means your SMSF will not be able to accept any further rollovers and employers may not be able to make superannuation guarantee contributions to your fund.

Make sure you are aware of your SMSF’s lodgement due date and get prepared now to meet the deadline.

Source: ATO