Prepare to submit your SMSF Annual Return (SAR) by the deadline of 15 May.

Is your Self-Managed Super Fund’s (SMSF) SAR for this financial year due by 15 May? It’s crucial to appoint an auditor at least 45 days prior  to ensure compliance with the May deadline.

In readiness for submission, it’s imperative to:

• Conduct a market valuation of all your assets
• Prepare your fund’s financial statements
• Provide signed documentation to your appointed auditor for assessing your financial standing and compliance with superannuation regulations.

Remember, failure to lodge your SAR within the specified timeframe, and without prior communication, may result in your SMSF status being changed to ‘Regulation details removed’ on Super Fund Lookup. This status will persist until all overdue submissions are rectified.

Having a status of ‘Regulation details removed’ means APRA funds won’t be able to transfer member benefits, and employers won’t be able to make super guarantee payments to the fund’s members.

If you encounter challenges in preparing your SMSF return, don’t hesitate to reach out to us or seek assistance from iCare Super.