New SMSF First Return: Deadlines, the $518 Levy, and What Happens If You Miss the Date

Aditi Sarkar

29 October 2026 09:03 PM AEDT

New SMSF First Return: Deadlines, the $518 Levy, and What Happens If You Miss the Date

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Highlights

New SMSFs must lodge their first annual return by 31 October 2026, or the next business day if that date falls on a weekend.
The supervisory levy for new funds in the first year is $518, while continuing funds pay $259.
An approved SMSF auditor must be appointed at least 45 days before the return is lodged.
Missing the return deadline risks losing regulated status on Super Fund Lookup, preventing rollovers and employer contributions.

Newly established SMSFs face a tight first filing deadline. The first annual return is due 31 October 2026, which falls on a Saturday in 2026, pushing the effective deadline to the next business day. Funds lodging through a registered tax agent have until 28 February 2027.

The First-Year Levy Is Double the Ongoing Amount

New SMSFs pay a supervisory levy of $518 in their first year of operation. This is double the $259 annual levy that continuing funds pay from their second year onward. The levy is payable via the annual return and funds should account for this higher amount in their first-year cashflow planning.

The levy applies per fund, not per member, so a two-member fund pays the same $518 as a single-member fund in its inaugural year.

Audit Must Come Before Lodgement

An SMSF cannot lodge its annual return until the audit is complete. The auditor must be appointed at least 45 days before the intended lodgement date, giving them time to review the fund's financial accounts and compliance matters. Leaving the auditor appointment until the week before the deadline is not an option.

Only ASIC-registered SMSF auditors can conduct the required annual audit. Trustees should confirm the auditor holds current ASIC registration before commencing the engagement.

Consequences of Missing the Deadline

An SMSF that fails to lodge its annual return risks having its regulated status reflected as "regulation details removed" on Super Fund Lookup. This status prevents employers from making superannuation guarantee contributions to the fund and blocks incoming rollovers from other funds. Restoring the status requires addressing the outstanding return and engaging with the ATO.

Funds with no assets as at 30 June of the relevant year are not required to lodge an annual return for that year. However, once assets enter the fund, the return obligation applies and the fund should establish its audit and lodgement timeline promptly.

FAQs

Q: What is the first annual return deadline for a new SMSF in 2026?

A: 31 October 2026. Since this is a Saturday, the effective deadline shifts to the next business day. Funds lodging through a registered tax agent have until 28 February 2027.

Q: How much is the supervisory levy for a new SMSF?

A: $518 in the first year. Continuing funds pay $259 from their second year onward.

Q: When must an SMSF auditor be appointed before lodgement?

A: At least 45 days before the intended lodgement date. The audit must be fully completed before the annual return is submitted.

Q: What happens if the annual return is not lodged on time?

A: The fund risks having its status changed to "regulation details removed" on Super Fund Lookup, which prevents employer contributions and rollovers until the issue is resolved with the ATO.

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