SMSF Annual Return


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Help File: SMSF Annual Return
Product(s) Simple Fund
Article ID 9732
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To input and confirm the data required to prepare the SMSF Annual Return.

Simple Fund will automatically calculate the amounts for most item labels from the ledger. Users will therefore only need to input the data that Simple Fund cannot calculate. For example, time taken to complete return.

Self Managed Super Funds (SMSFs) will use an all-in-one annual return form for income tax, regulatory and member contribution reporting for the 2008 and later future financial years.

Screen Access

From the Ribbon Toolbar:

On the Home tab, in the Fund Reporting group, click Financial Reports


Select: Smsfaricon.gif

Screen Prompts

Hint.gif Note: Depending on which financial year you have selected, different options will be available to match the return requirements for that year. Ensure you always refer to the tax return instructions for that particular year before lodging your return.

To view the information contained within each section of the return, click on one of the tabs.

Click Save.gif Save to save any changes made to the return.

Click Edit.gif Edit to directly access the Fund Details screen and confirm or change the front cover details of the tax return.

Click Aicon.gif Schedule A Other Attachments to attach extra information to be appended to the tax return.

Click C.gif Capital Gains Schedule to confirm the data calculated by Simple Fund for this schedule.

Click D.gif Capital Allowances/Depreciation Tax Data to confirm the data calculated by Simple Fund or add further data for the Capital Allowances Schedule.

Hint.gif Note: This icon will not be available from Annual Return 2013 onwards as schedule has been discontinued for 2013 financial year.

Click L.gif Losses Schedule to confirm the data calculated by Simple Fund or add further data for this schedule.

Click Preview.gif Preview to preview the tax return.

Click Print.gif Print to print the tax return.

Click Book green.gif (first one from the left) to view the latest SMSF Annual Return Instructions.

Click Book green.gif (second one from the left) to access the ATO's ELS Guide online.

Click Tofa.gif to view the TOFA transitional election form.

Click Book green.gif (first one from the right) to access the TOFA instructions.

Click Adjust Contribution form to access the ATO's website on Request to adjust concessional contributions. This form is required if the member has made concessional contributions in one financial year but the SMSF did not allocate them to the member until the next financial year. Refer to Article 11608 for information on Contribution Reserves.

Clicking on any Label red.gif red label in tax return and regulatory return screen will provide a transaction report(s) that makes up the total.

If any data is changed or additional data input into these above schedules, upon saving, Simple Fund will update the main tax return data with the required changes and inform the user of what has been updated.

SMSF Annual Return

There are some important things you need to be aware of when completing the SMSF Annual return:

  • You must provide details for all members of a fund, regardless of whether the member made any contributions during the year covered by the report. (see section F & G )
  • An approved auditor must complete an audit of the fund before you submit the return. The auditor’s details must be included on the SMSF annual return form. Simple Fund will use the Audit Report Date in the Financial Reports | Audit Report screen to populate Question 6 - Date Audit was completed on the SMSF Annual Return.


  • The SMSF levy is included in the SMSF’s tax assessment calculation at Section D Label L. All SMSFs are required to pay the levy even if the fund is fully in pension mode and there is no tax liability. From 2013 Financial Year, changes have been made to the way supervisory levy is paid. Refer to FAQ 417 for more information.

Simple Fund will determine which Annual Return needs to be prepared and lodged based on the fund type selected in Fund Details | Details screen.

Simple Fund will prepare the Annual Return if, in the Fund Details screen Self Managed Super Fund ( ATO ) has been selected.


For SMSFs from 2008 onwards, 'Regulatory' and 'MCS' buttons will be inactive and a Smsf ar1.gif button will replace the Taxreturnicon.gif button.


Hint.gif Note: If you cannot claim a deduction for an expense (e.g. Fines), you need to set the Tax Return Label to Not applicable - Permanent Difference. Refer to Task 1.3 of the Simple Fund Advanced Training Manual for further information.

Annual Return - Section F and G

All SMSF members' contributions and other member transaction information must be reported under Section F and G. Section F & G can be accessed from the Financial Reports | SMSF_AR | Members tab.

Simple Fund will calculate Section F and G section during the Create Entries process. If you make any subsequent changes to contributions or member account transactions, you should reverse and recreate entries so that the contribution information is updated. There is also a Recalc.gif Recalculate button on the Section F & G screen which can be used if you change member standing information such as a member's Name, Title, Date of Birth, Tax File Number in the Members or People screen and wish to refresh the data.

Section F

In section F report all current members at 30 June, regardless of their account balance. You also need to include all members who have received a payment of an income stream benefit from the SMSF and who hold an interest in the fund at 30 June of that financial year.

Section G

Section G is used for reporting:

  • deceased members
  • all former members who left the fund during the year, for example by either rolling out all of their benefits or being paid all of their benefits as a superannuation lump sum, and
  • any other members who cannot be included in section F

Annual Return - Section H

The Section H of the SMSF Annual return is generated by Simple Fund from the asset and liability regulatory labels of the fund set up in the Chart of Accounts. Provided clients have used the correct Asset and Liability Regulatory Return Labels the totals will balance and agree with the asset and liability values shown in the Statement of Financial Position (Balance Sheet) at 30 June.

Capital gains tax (CGT) schedule

A Capital Gains Tax schedule must be completed in conjunction with SMSF Annual Return if during the income year either of the following occurred:

  1. Where capital gains or losses, other than capital gains or losses from a Forestry managed investment scheme interest, exceed $10,000; or
  2. Where a fund has any capital gains or losses from a Forestry managed investment scheme interest.

The Capital Gains Schedule includes labels to accommodate Forestry managed investment scheme interest. The CGT treatment is the same as for any other CGT asset.

The Capital Gains Schedule includes the following labels in:

PART A – Current Capital gains

Non-Active Assets.

Capital gains Indexation
Capital gains Discounted
Capital Gains other

Active Assets.

Capital gains Indexation
Capital gains Discounted
Capital Gains other

Part B – Current year Capital losses

Forestry Investment