SMSF Annual Return
The ATO has published the 2015 SMSF annual return, with changes from 2014, including to bank account details, Electronic Service Address (ESA) and government superannuation contributions.
With only a couple of months until all 2013/14 SMSF annual returns should be lodged the ATO has issued several “tips” to help to avoid misreporting Limited Recourse Borrowing Arrangements (LRBAs) in the SMSF Annual Return.
The ATO warns that, where an SMSF has a LRBA, to “make sure you report them at the LRBA labels in Section H: Assets and liabilities of the SAR [SMSF Annual Return].”
“We have noticed some misreporting at these labels,” said the ATO.