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.
