SMSF Annual Returns for funds established on or after 1 January 2015

If a self managed super fund is registered with the ATO on or after 1 January 2015, an annual return in respect of the 2014/15 financial year must be lodged with the ATO whether or not the fund holds any assets and whether or not a nil tax assessment is expected.  The “return not necessary” option is not available for these funds.

If a self managed fund is registered with the ATO in the six months before 1 January 2015 and has no assets, then the fund can request the ATO to either cancel the registration or to identify the return as “return not necessary” for the 2014/15 financial year.

If the “return not necessary” response is chosen, then the ATO must be advised in writing that, despite being registered, the fund did not have assets (ie no contributions and no rollovers have been received) at any time during the period until 30 June 2015; that the fund currently holds assets and the date on which the fund first held assets.  Also it will be necessary to confirm to the ATO that the fund will be lodging returns for 2015/16 and following years.