When to lodge SMSF annual returns
All trustees of SMSFs with assets (including super contributions or any other investments) as at 30 June 2024 need to lodge an SMSF annual return ('SAR') for the 2023/24 financial year.
The SAR is more than a tax return — it is required to report super regulatory information, member contributions, and pay the SMSF supervisory levy.
However, not all SMSFs have the same lodgment due date:
Newly registered SMSFs and SMSFs with overdue SARs for prior financial years (excluding deferrals) should have lodged their SAR by 31 October 2024.
All other self-preparing SMSFs need to lodge their SAR by 28 February 2025 (unless the ATO has asked them to lodge on a different date).
For SMSFs that lodge through a tax agent, the due date for lodgment of their SAR is generally 15 May or 6 June 2025.
SMSFs that have engaged a new tax agent need to nominate them to confirm they are the authorised representative for the fund.
SMSF trustees must appoint an approved SMSF auditor no later than 45 days before they need to lodge their SAR. Before they lodge, they must ensure that their SMSF's audit has been finalised and the SAR contains the correct auditor details.
If you need assistance with these or any other SMSF issues, please contact our office.
How to master employer obligations in 2025
Taxpayers who employ staff should remember the following important dates and obligations:
Fringe benefits tax ('FBT')
31 March 2025 marks the end of the 2024/25 FBT year. Employers should remember the following regarding their FBT tax time obligations.
They should identify if they have provided a fringe benefit. If they have, they should determine the taxable value to work out if they have an FBT liability.
They should lodge an FBT return and pay any FBT owed by 21 May 2025. If their registered tax agent lodges electronically for them, they have until 25 June 2025.
They should keep the right records to support their FBT position.
Pay as you go ('PAYG') withholding
Taxpayers need to withhold the right amount of tax from payments they make to their employees and other payees, and pay those amounts to the ATO.
Single touch payroll ('STP')
Employers should finalise their STP data by 14 July 2025 for the 2024/25 financial year (there may be a later due date for any closely held payees).
Super guarantee ('SG')
28 January, 28 April, 28 July and 28 October are the quarterly due dates for making SG payments;
The SG rate is currently 11.5% of an employee's ordinary time earnings. From 1 July 2025, it will increase to 12%.
Taxpayers should ensure SG for their eligible employees is paid in full, on time and to the right super fund, otherwise they will be liable for the SG charge.
ATO debunks Division 7A 'myths'
The ATO has recently published a document 'debunking' various Division 7A 'myths'.
Division 7A of the tax legislation is intended to prevent profits or assets being provided to shareholders or their associates tax free.
A payment or other benefit provided by a private company to a shareholder or their associate can be treated as a dividend for income tax purposes under Division 7A, even if the participants treat it as some other form of transaction (such as a loan, advance, gift or writing off a debt).
Division 7A can also apply if a trust has allocated income to a private company but has not actually paid it, and the trust has provided a payment or benefit to the company's shareholder or their associate (as well as in other circumstances).
Myth 1: If I own a company, I can use the company money any way I like.
ATO response: A company is a separate legal entity, and there will be consequences every time the taxpayer takes money or accesses other benefits from their private company.
Myth 2: Division 7A only applies to the shareholders of my private company.
ATO response: Division 7A applies to both shareholders and their 'associates'. The definition of an 'associate' is broad.
Myth 3: I don't need to keep records when my private company makes payments, loans or provides other benefits to other entities.
ATO response: Taxpayers are legally required to keep records of all transactions relating to their tax affairs when they are running a business.
Myth 4: I can avoid Division 7A by temporarily repaying my loan before the private company lodges its tax return, and using the company’s money to make my repayments.
ATO response: A repayment made on a loan may not be taken into account if similar or larger amounts are reborrowed from the same company after making the repayment.
Myth 5: There are no tax consequences if I use my private company's money to fund another business or income earning activity.
ATO response: Division 7A may apply to any loan a private company makes to its shareholders or their associates, regardless of what the loan recipient uses the amounts for.
Please Note: Many of the comments in this publication are general in nature and anyone intending to apply the information to practical circumstances should seek professional advice to independently verify their interpretation and the information’s applicability to their particular circumstances.
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