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Preparing your SMSF for tax time

Learn how to prepare for end-of-financial year reporting and audits.

What is the SMSF Annual Return (SAR)?

Tax time is a critical moment for SMSF trustees. Self-Managed Super Funds, are generally required to lodge an SMSF Annual Return (SAR) with the ATO each year. The SAR reports your fund’s income, expenses, assets, member contributions, and compliance status.

Refer to ATO for more information

Failing to lodge on time can result in things such as penalties, loss of tax concessions, and blocked contribution.

We’ve put together a short guide on how to prepare your fund, to help with tax time.

How to prepare your SMSF for tax time

Step 1: Gather your financial records

Start by collecting all relevant documents for the financial year:

  • Investment income and expenses
  • Member contributions and rollovers
  • Pension payments (if applicable)
  • Asset valuations as of 30 June
  • Tax credits (e.g. franking credits)

Step 2: Complete your annual audit

Before lodging your SAR, your SMSF must be audited by an approved SMSF auditor. They will review your financial statements and ensure your fund complies with super laws.

You can find registered auditors via the ATO’s SMSF auditor register.

Step 3: Know your lodgement deadlines

The due date for lodging your SAR depends on whether you use a tax agent and your fund’s registration status. Missing the deadline can affect your fund’s compliance status and block contributions.

ATO deadlines are typically:

  • 31 October for new SMSFs lodging their first return
  • 28 February for most SMSFs using a tax agent

Check the ATO website for current dates.

Step 4: Pay any tax owed

If your SAR shows a tax liability, payment is due by the ATO’s deadline - even if your lodgement is late. Late payment may attract interest charges.

Step 5: Plan ahead for next year

Tax rules can change each financial year. Proactive planning helps you stay compliant and avoid surprises.

Get into the habit of:

  • Tracking asset values regularly
  • Reviewing your investment strategy
  • Staying informed about legislative changes
  • Keeping trustee declarations and minutes up to date

Preparing your SMSF for tax time doesn’t have to be overwhelming. A clear checklist and a proactive approach, can help trustees stay compliant, avoid penalties, and keep their fund on track. Staying organised now means fewer surprises later and a stronger foundation for the year ahead.

Explore frequently asked questions about SMSFs

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Distributed by Commonwealth Bank

Things you should know

This article is intended to provide general information of an educational nature only. The information may include general advice but does not take into account your individual objectives, financial situation, needs or tax circumstances, and so you should consider the appropriateness of the advice having regard to your circumstances before acting on it. Where applicable, you should obtain and read the relevant Product Disclosure Statement (PDS) and other important disclosure documents before making a decision about acquiring or continuing to a product. You should consider seeking independent professional financial, tax and/or legal advice before making any decision based on this information.

The above information is not tax advice. Taxation laws are complex and subject to change. Commonwealth Bank does not provide tax (financial) advice under the Tax Agent Services Act 2009 (Cth). You should consider seeking independent tax advice from a registered tax agent, accountant or adviser before you make any decisions based on this information.

The information in this article and any opinions, conclusions or recommendations are reasonably held or made, based on the information available at the time of its publication but no representation or warranty, either expressed or implied, is made or provided as to the accuracy, reliability or completeness of any statement made in this article.