.png)
Can I prepare the accounts (and lodge a tax return) and audit a fund that was established on 29 June 21 and had no bank account, no rollover, no transaction at all except for the $518 supervisory levy?
Would that fall within the term Mechanical Accounting?
Hi WL
I am not answering the question but if a Fund has no transactions in its first year it can apply to the ATO for an annual return to not be required.
The tax agent of the Fund can apply for that through the tax agent portal.
Refer from the ATO below.
Thanks
SMSF AAA
From:
https://www.ato.gov.au/super/self-managed-super-funds/administering-and-reporting/lodge-smsf-annual-returns/
Funds without assets
An SMSF is not legally established until the fund has assets set aside for the benefit of members. Our systems will not accept an annual return for an SMSF that has no assets or no closing member account balances, unless the return is for the year in which the fund is wound up.
If an SMSF does not have assets set aside for the benefit of members in the first year it was registered, you can ask us to either:
cancel the fund's registration
flag the SMSF's record as return not necessary (RNN) if the SMSF confirms in writing
that although registered, it had no assets and did not receive contributions or rollovers in the first financial year
that it has documentary evidence of the date the SMSF first held assets and commenced operating (for example the SMSF's first bank statement)
that it will be lodging future returns.
If you're a trustee your written request must include:
the SMSF's name, TFN or ABN
confirmation that it meets all eligibility conditions
documentary evidence of the date assets were first placed into the fund.
This request can be sent to us at: Australian Taxation Office GPO Box 9990 [insert the name and postcode of your capital city]
For example
Australian Taxation Office GPO Box 9990 SYDNEY NSW 2001
If you're a tax agent you'll need to use the Online services for agents mail option, select Superannuation as the topic, and choose from the following mail subjects:
SMSF cancellation of registration – where a fund has not legally established
SMSF new registrant – Return Not Necessary request.
For RNN requests your submission must include:
the SMSF's name, TFN or ABN
confirmation that it meets all eligibility conditions
documentary evidence of the date assets were first placed into the fund.
An RNN is generally only allowed for a newly-registered SMSF in its first year of registration.
RNNs for subsequent years will only be granted in limited circumstances and where the fund provides documentary evidence of the date assets were first held by the fund, for example the SMSF's first bank statement.
When an SMSF that has previously advised a return was not necessary is legally established and needs to lodge a return for the first time, the due date of the first return lodged by a tax agent will be 28 February.