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…

  1. Notify us (via admin@newbrightoncapital.com) during the set up process that you would like to make use of the return-not-necessary option.
  2. 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.
  3. Complete the direct debit authorisation. The first payment will be scheduled for August 1st. The first debit will be $500 ($220 for return-not-necessary plus $140 for July payment plus $140 for August payment). Following payments will be $140 each month.
  4. 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.
  5. Once your statement with the initial rollover is received, we will lodge the return-not-necessary paperwork to the ATO.

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.