Education

The Australian Taxation Office is encouraging self-managedsuper fund(SMSF) trustees to slow down and check their numbers before lodging the SMSF annual return (SAR).

With Payday Super now in effect, the Australian Taxation Office has moved to clear up some persistent myths for self-managed super fund (SMSF) trustees.

• No. The proposal focuses on new SMSFs linked to investigations involving fraud, abuse, misconduct or potential harm.

• Yes. The fund needs a final independent audit before lodging its final annual return.

• No. The outcome depends on whether the fund continues to satisfy the Australiansuper fundresidency tests.

• SMSF accounting records and financial statements generally must be retained for at least five years.

• Division 296 and the restriction on new property LRBAs apply from their respective 2026 commencement dates.