Changes in 2020 SMSF annual return form

The 2020 self-managed super fund (SMSF) annual return (SAR) form will incorporate a few new changes and  will be made available at the end of May 2020 by the ATO.   

The new changes:

1. New label – property count: this label will reports how many investment properties held in trust under the LRBA.
2. Removal of the label – anti-detriment has been removed because SMSFs can not claim this deduction from 1 July 2019.
3. Change to auditor qualification questions:  if the opening balances can not be obtained, auditor can report NO at PART A qualification Label A.

We will email all our clients a checklist to collect all the documents and information needed for 2020 SMSF tax return preparation.

If you have any questions in regards to the tax return lodgement obligation, please feel free to contact us.