In preparation for your lodgement, you also need to complete a market valuation of all your assets, prepare your fund's financial statements and provide signed copies of these to your auditor so they can determine your financial position and your fund's compliance with super laws.
Remember, if your SAR is more than two weeks overdue, and you have not contacted the ATO, they will change the status of the SMSF on Super Fund Lookup to 'Regulation details removed'. This status will remain until any overdue lodgements are brought up to date.
If you have a status of ‘Regulation details removed', APRA funds will not be able to roll over member benefits and employers will not be able to make any super guarantee payments to the fund's members.
ELIGIBILITY FOR DOWNSIZER CONTRIBUTIONS TO SUPER
From 1 July 2018, individuals aged 65 years or older may be eligible to make a downsizer contribution, of up to $300,000, to their super fund from the proceeds of selling or partially selling their home which is their main residence.
You can only access this downsizer arrangement once, contributing from the sale of one home, including the sale of a partial interest in that home.
If you choose to make a downsizer contribution you must:
- ensure you meet the eligibility requirements
- inform your fund or multiple funds in the approved form
- provide this information, to your fund, when making or prior to making your contribution.
Find out about the eligibility requirements and how to make these contributions, including if you have a spouse in the information link below.