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See Completing the self-managed fund annual return on the ATO website.

The ATO regulates funds where the trustees elected to be a regulated superannuation fund and which satisfies the requirements for a self-managed superannuation fund (SMSF). These are set out under the Superannuation Industry (Supervision) Act 1993 (SISA) and you must prepare and lodge the SMSF (MS) for the current income year.

Select ATO Schedules from the navigation pane or select Preparation > Schedule to open:

• a family trust election, revocation or variation (Schedule X)
• an Interposed entity election or revocation (Schedule Y).

You can lodge standalone elections XX: Family trust election, revocation or variation, and YY: interposed entity election or revocation as standalone forms, separately from the return.

Data

entry

We list the SMSF annual return (MS) items and labels on a set of tab cards at the top of the form:

• Fund details
• Income
• Deductions
• Calc statement
• Losses
• Members
• Assets/Liabilities
• TOFA / Other
• Declarations

Processes for the SMSF include:

When you select F4 a formal Estimate of the SMSF’s tax liability for the current and subsequent year is prepared. You can Preview or Print this estimate.

Additionally, you can prepare a PAYG Income tax Instalment worksheet from Preparation > Schedule > xPF - PAYGI (Instalment estimate) for an audit trail of how we arrived at the result.

If the current year return has been completed you can pre-fill the worksheet with those values. If not lodged or the ATO has not yet issued the first quarterly instalment notice, you can use the values from either of the two immediate prior years. However, you must use the values from most recently lodged of those two prior year returns.

You can also manually key values or alter pre-filled values where that value is editable. This is helpful for calculating What-if scenarios.

Other processes performed include:

• Printing Returns
• Lodging forms using the practitioner lodgment service (PLS)
• Assessment Details
• Amending Lodged Returns
• Customising Return Properties

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