FY 2023 Tax Returns Due 15th of May

All FY 2023 Tax Returns must be lodged by the 15^th of May to avoid late penalties and fines. For SMSF funds there is also the increased risk of an ATO audit if the tax return is lodged late.

If an SMSF return is more than two weeks late the ATO will automatically change it’s ABN status to non-compliant. This means the fund will be unable to receive member contributions or make new investments until the return is lodged and it’s status is updated by the ATO to complying.

If advisers are unsure if any of their clients Tax Returns are still outstanding for FY 2023 they can lodge into the Client Portal or PIMS to view all their clients Job Status. Or alternatively they can contact their account manager for an update.