Important changes to SMSF annual return

MBA Financial StrategistsLatest ArticlesImportant changes to SMSF annual return

Important changes to SMSF annual return

There have been significant changes to the SMSF annual return. Understanding the changes will help you submit the correct information for your fund.

It is now a requirement for all SMSFs to provide us with your fund’s superannuation bank account details. In addition, if your SMSF has an electronic service address alias, you should include this information in your annual return.

Without these details, we are unable to send superannuation payments and information about them to your SMSF electronically.

If your superannuation bank account or electronic service address details are incorrect, we will contact you or your tax agent to request an amendment be lodged.

Bank account details

Your SMSF bank account details must be the account that is used for any super payments made to members of the SMSF and must be unique to the fund.
Remember, an SMSF can only nominate one bank account.

The bank account details must be provided at section 7 label A of the SMSF annual return.

Electronic service address

If you have an electronic service address and have registered to use this with your SMSF messaging provider, you can provide this information at section 7 label C of the SMSF annual return.

It is important that your SMSF’s electronic service address is active and registered with a SMSF message provider. If it is not active, you will need to contact an SMSF messaging provider. Your SMSF administrator, tax agent, accountant or bank may be able to activate it on your behalf.

See also:

SMSF annual return instructions 2015
SuperStream for SMSFs

Reproduced with the permission of the Australian Taxation Office. This article was originally published at www.ato.gov.au/Super/Self-managed-super-funds/In-detail/News/Important-changes-to-SMSF-annual-return/

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