Key takeaways
- The SMSF year centres on preparing accounts, the independent audit, and lodging the annual return.
- Minimum pension payments must be made by 30 June each year for funds paying a pension.
- Transfer balance account reporting (TBAR) is generally due quarterly for funds with pensions.
- Lodgement due dates vary by fund and whether you use a tax agent, so confirm yours with the ATO.
An SMSF does not have a single deadline, it has a cycle. Spreading the work across the year keeps the fund compliant and avoids a scramble at year end. Here is the rhythm most funds follow.
Throughout the year
- Record transactions and reconcile the bank account as you go.
- Keep documents for every contribution, rollover, investment and expense.
- Report pension events through TBAR, generally on a quarterly basis.
- Review the investment strategy if circumstances change.
Approaching 30 June
The end of the financial year is the busiest point:
- Minimum pension payments. If the fund pays a pension, the minimum amount for the year must be paid by 30 June. Missing it can cost the fund its tax exemption on those assets.
- Contributions. Make sure any planned contributions have actually cleared the fund's bank account by 30 June to count for the year.
- Valuations. Assets need to be valued at market value for the year-end accounts.
After year end
- Prepare financial statements and member balances.
- Engage an approved SMSF auditor to complete the independent audit. The audit must be done before the annual return is lodged.
- Lodge the SMSF annual return and pay any tax and the ATO supervisory levy.
About due dates
Lodgement due dates depend on the fund's circumstances and whether you lodge through a registered tax agent. Newly registered funds and funds lodging themselves often face earlier dates than those with an agent. Rather than rely on a generic date, confirm your fund's deadline using the ATO's SMSF lodgement guidance. See also our guide to key SMSF deadlines.
Frequently asked questions
- When must I pay my SMSF pension for the year?
- The minimum pension amount must be paid by 30 June each year. If the fund does not pay at least the minimum, it can lose the tax exemption on the assets supporting that pension for the year.
- When is the SMSF annual return due?
- It varies. Due dates depend on the fund's history and whether you use a registered tax agent. New and self-lodging funds often have earlier dates. Always confirm your fund's specific due date with the ATO or your agent.
- Do I have to report pensions during the year?
- Funds paying retirement-phase pensions generally report transfer balance events quarterly through TBAR. Your administrator usually handles this, but it is the trustees' responsibility to ensure it happens.
