28 Aug 08 Completing the SMSF annual returnFollowing numerous complaints by Members about the lack of a member's opening balance in the 2008 superannuation fund return form, the ATO has published a document entitled "Completing the Self managed super fund annual return".
The document states:
"The Self managed superannuation fund annual return instructions (NAT 71606) will prompt you to begin with a member’s closing balance from the previous financial year. However, you do not need to report this amount on the SMSF annual return. The opening balance is not reported to us, however, it should be:
- the same as the closing balance reported in the previous financial year, or
- a zero amount if the member’s account was opened during the reported financial year."