New SMSFs – Key Steps to Stay Compliant by 31 October

Lodgment Deadline Approaching

If you’ve recently established a self-managed super fund (SMSF), your first annual return is due by 31 October 2025.

Working with a Tax Agent

Engaging a registered tax agent early can give you more time. If included in their lodgment program, your first deadline may extend to 28 February 2026.

Exceptions Apply

Some funds may still need to meet the 31 October deadline, even when using a tax agent. Always confirm with your registration letter.

Funds with No Assets

If your SMSF had no assets in its first year, you must lodge a ‘return not necessary’ form or cancel the registration if you don’t plan to continue operating.

Ongoing Responsibilities

Each year, trustees must prepare accounts, value fund assets, appoint an auditor at least 45 days before lodgment, allow time for audit review, address compliance issues, and lodge the return while paying any tax and supervisory levy.

Supervisory Levy

New SMSFs are required to pay a supervisory levy of $518, which covers both the establishment year and the following financial year.

Act Early, Stay Compliant

Timely preparation and professional advice can prevent costly mistakes and keep your fund compliant.

Contact Lockwood & Ward on (02) 9299 7044 or stop by Level 9, 50 Clarence Street, Sydney NSW 2000.