Avoid Common Errors When Lodging Your 2024 Annual Return

The ATO have now released the 2024 SMSF annual return and instructions, when lodging avoid these common errors.

The SMSF annual return is more than a tax return. You are required to report regulatory information for your SMSF, member contributions and pay the SMSF supervisory levy.

The SMSF annual return and SMSF annual return instructions for 2024 are now available.

To enable your SAR to be processed without delay it is important to avoid the common errors the ATO see by ensuring the:

• members’ information and tax file number (TFN) is provided as per (Section F)
• correct SMSF auditor number and auditor details are provided including the date the audit was completed (Section A Item 6)
• closing account balance equals the sum of accumulation and retirement phase account balance amounts. If the member’s closing account balance is zero or a negative amount, write 0 (Section F Label S).

If you are looking to wind up your SMSF and lodge your final return you should make sure you have paid member benefits if a condition of release has been met or rolled over funds to an APRA account via SuperStream. The ATO’s winding up checklist can help make sure all steps are taken when winding up your fund.

Source: ATO