This article shows you the steps to follow in Class to produce an amended SMSF Annual Return:
- Prior to 2011 financial year, you need to answer YES to the amendment question, and produce the return on paper and lodge manually.
- From 2011 financial year onward, you are able to amend the return and lodge it electronically in Class.
If the amendment of the Annual Return requires an adjustment for missing or incorrect income/expenses; then you need to
- Reopen the financial year
- Rollback tax finalisation and end of year period update
- Make necessary adjustments
- Reprocess period update and tax finalisation.
Ensure that you View Tax Return, then click Amend and select Latest Tax Finalisation (You should review the time stamp (Based on Tax Finalisation), it should reflect the date and time where you reprocess the period update and tax finalisation).
Navigating to Fund level > Periodic Processing > Browse tax lodgments
- Select the financial year that you want to amend
- In the Tax Lodgement For Financial Year 20XX screen, click on the Amend Return button.
- The Amend Return process now provides you with two options: Amend based on Previous Submission or Latest Tax Finalisation (default). This option will allow you to generate the amendment based on the previous return lodged (i.e. where a minor adjustment has been made) or on the latest tax finalisation where more substantial changes have occurred.
- Any amended return will have the question "Is this an amendment to the SMSF's 20XX annual return?" under Section A: Fund Information - Item 5: Annual return status. The amended return will set the default answer to Yes with the Amendment Indicator being set to 1.
- The Amendment Indicator will be the number of times the return has been amended. If this is the first amendment it will default to 1, second amendment it will be 2 and so on.
- The Amendment Type Indicator will show whether the amendment is related to an ATO error or a Taxpayer error.
- The Reason For Amendment will show the reason for the submitting an amended return. For example: The interest income was inadvertently omitted from the return lodged previously.
- Review the changes made to the Annual Return before approving the Return and associated schedules.
- Validate the Annual Return.
- Submit the Annual Return to the tax agent.
- Re-lodge the Annual Return by
Navigating to Business Level > Periodic Processing > Tax Agent Administration
Previously Lodged Returns
All your previously lodged/amended tax returns will be displayed:
Navigating to Fund Level > Periodic Processing > Browse Tax Lodgment History
Should you wish to see what information you have submitted to the ATO previously.