If you have set up your SMSF but no money has touched the SMSF bank account before July 1, you can save money by not having to complete a full tax return for that financial year.
If you want to make a return-not-necessary lodgement you need to do the following…
- Notify us via the online portal during the set up process that you would like to make use of the return-not-necessary option.
- Open your SMSF bank account and trading accounts but do not apply for your rollover and do not redirect your super payments until July 1st.
- Complete the direct debit authorisation. The first payment will be scheduled for August 1st. The first debit will be $330 ($0 for return-not-necessary plus $165 for July payment plus $165 for August payment). Following payments will be $165 each month.
- On July 1, send your rollover form to your old retail fund. Funds should be in your SMSF bank account within a week. You can also now redirect your super contributions if you wish.
- Once your statement with the initial rollover is received, we will lodge the return-not-necessary paperwork to the ATO.
PLEASE NOTE: If 1 cent is added to the SMSF bank account or if any of the SMSF accounts hold any assets before July 1st, you will not be eligible for the return-not-necessary option and you will have to pay for the full year’s accounting.