The ATO has reminded newly registered SMSFs that their annual return for 2013 is due on 28 February 2014. It says an audit report will need to be completed so that the annual return can be lodged on time.

For newly registered funds that do not have any assets set aside for the benefit of their members and did not commence operating in their first year of registration, the ATO said they may request a return not necessary (RNN) status for the first year only. It says to apply for a RNN, the fund must confirm in writing that it does not hold assets and did not receive contributions or rollovers in the first financial year, the date the fund first held assets and commenced operating, and that it will lodge future returns.

[LTN 240, 11/12/13]

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