Do you need to lodge your SAR by 28 February?

You may need to lodge your SMSF annual return (SAR) by 28 February 2024.

If you fail to lodge your return by the due date, The ATO may consider further compliance action.

If your SMSF annual return is more than two weeks overdue and you haven’t contacted ATO, it will change the status of your SMSF to Regulation details removed. This means APRA funds can’t roll over member benefits and employers are discouraged from making any super guarantee contributions.

This status will remain until your overdue lodgements are brought up to date.

Remember, you’re still required to lodge if the fund has had no contributions, income payments made, or is in pension mode. If your SMSF does not have assets set aside for the benefit of members in the first year it was registered, you can ask ATO to cancel the fund or request a return not necessary.

If you’re having difficulty preparing and lodging your return, contact ATO or talk to a registered tax professional as early as possible.

If you have any questions, feel free to ask them in the comment section. We will be happy to answer all your queries.