Deadline for newly established SMSFs to lodge first return

SMSFs which were established during the 2012/13 financial year must lodge their first SMSF annual return by 28 February 2014.  These funds will also pay double SMSF supervisory levy: one for 2012/13 and another on account for 2013/14.

An SMSF will be established when the trust fund of the SMSF has been created.  This occurs when the first contribution, rollover or transfer payment is received by the Trustee.  If the trust deed has been signed during 2012/13 but the first contribution, rollover or transfer payment is received in July 2013, then the fund will have been established in respect of the 2013/14 financial year. 

In this case, the fund must not lodge a 2012/13 annual return but must lodge a “Return not necessary” form (RNN).  If the fund is established during the 2013/14 financial year then the first SMSF annual return the fund is required to lodge will be the 2013/14 annual return.  If the fund is still not established in the following financial year, the fund cannot lodge a second RNN form but must cancel the registration of the fund.