New requirements for SMSF electronic lodgement

The SMSF annual tax return combines income tax, regulatory and member information reporting obligations.

From 1 July 2012, the SMSF annual tax return will not be able to be lodged electronically if:

– no assets are nil at the end of financial year, or
– member balances are nil at the end of financial year

Concession will apply for newly registered SMSFs that do not have any transactions in their first financial year of registration.

The team at iCare Super provide the following options to deal with the new requirements:

– lodge paper tax return for your SMSF
– lodge return not necessary if certain criterion are met
– wind up your SMSF

Feel free to contact us if you have any queries.