Tax Returns Not Required for New SMSFs

The Tax Office has advised that newly registered self-managed superannuation funds (SMSFs) that have not legally been established will not be required to lodge a tax return in their first year of registration.

To be eligible for this concession, a new SMSF must:

be registered in April, May or June of an income year;

not be operating by 30 June; and

not have received contributions or rollover amounts by 30 June.

The Tax Office says the supervisory levy of $150 is not payable in an SMSF’s first year of registration.