The ATO has issued a reminder the 2013 SMSF annual return for new registrants is due on 28 February 2014.

The help clients to prepare for lodgement, the ATO recommends letting clients know the audit report needs to be completed so that their SMSF annual return can be lodged on time.

Please note newly registered funds that did not have assets set aside for the benefit of their members and did not commence operating in their fist year of registration may request a return not necessary for their first year only.

To apply for an return not necessary the fund must confirm in writing:

• it did not hold assets and did not receive contributions;
• or did not rollovers in the first financial year;
• the date the fund first held assets and commenced operation;
• that it will lodge future returns.

SMSF that is granted a return necessary as a new registrant in 2011/12 and are now legally established must lodge a 2013 annual return by 28 February 2014.

However, if such funds have not yet set aside assets for the benefit of members and have not operated, their registration is required to be cancelled.

Tax Agent can request a return is not necessary, or cancel the registration of a fund that is not yet legally established.