The ATO has reminded tax agents that if they have newly registered self-managed super fund (SMSF) clients, their 2012 Self-managed superannuation annual return is due on 28 February 2013.
The ATO says SMSFs that did not have assets set aside for the benefit of their members and had not commenced operating in their first year of registration may request a return not necessary (RNN) for their first year only. Eligibility conditions apply and an SMSF must confirm in writing that it has held no assets, received no contributions or rollovers in that first year and provide the date the fund first held assets.
The ATO warned that SMSFs who were new registrants in 2011 who received a RNN for their first annual return, and are now legally established, must lodge their 2012 year return by 28 February 2013. However, if these SMSFs do not yet have assets set aside for the benefit of members and have not operated, then the ATO says the ABN registration for the fund should be cancelled.
Further information is in the Lodgment program 2012-13 under Super lodgment obligations.
[LTN 11, 17/1/13]