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12 June 2024


The ATO has Released Essential Tips for Accurate Reporting on the 2024 SMSF Annual Return (SAR).


Simple and common mistakes to check for when lodging 2024 SMSF annual returns (SAR). 
The SMSF annual return is not just a tax return; it encompasses regulatory information, member contributions, and the payment of the SMSF supervisory levy.

The 2024 SMSF annual return and instructions have been released by the ATO. To help the submission of returns accurately and promptly, make sure the following details are correctly reported:

Members' Information and TFNs (Section F): Ensure that all member details and tax file numbers are accurate and complete. Any discrepancies here can lead to processing delays.


Auditor Details (Section A, Item 6): Verify that the correct SMSF auditor number and audit completion date are provided. Incomplete or incorrect auditor information can cause significant delays.

Account Balances (Section F, Label S): Ensure the closing account balance equals the sum of accumulation and retirement phase account balances. If a member’s closing balance is zero or negative, report it as 0. Accuracy in this section is vital to avoid discrepancies.

For SMSFs winding up and lodging their final return, confirm that member benefits have been paid if a condition of release is met or that funds have been rolled over to an APRA-regulated account via SuperStream. Utilise the ATO’s winding-up checklist to ensure all necessary steps are completed when closing the fund.

By meticulously checking these areas and avoiding common errors, SARs can be processed quickly and efficiently.

Click here to view the ATO SMSF annual return instructions for 2024.

About Superannuation Audit Services


Superannuation Audit Services is a leading SMSF auditing company based in Melbourne, with a broad reach servicing clients Australia wide. Our experienced team is dedicated to delivering reliable and thorough audit services to ensure compliance with regulatory requirements, offering peace of mind to our clients.

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