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SMSF Annual Return amendments can now be prepared and lodged in Simple Fund 360 for the 2014 SMSF Annual Return onward. You will be required to complete the SMSF Annual return changes where required and amendment questions and make the necessary changes to the Annual Return prior to lodging the amended return.

Note: Amended Annual Returns can only be lodged for original Annual Returns lodged in Simple Fund 360. If you lodged the original Annual Return in Simple Fund Desktop the amendment will need to be lodged through Simple Fund Desktop. 

For the Amendment icon to appear the fund financial year, ensure that the fund is currently in the financial year for the amended return. For more details, see How Do I Re-Open a Financial Year?

Amendment Process

From the Main Toolbar navigate to the Compliance menu.

Select Tax compliance.

  1. Select Amendment

  2. The SMSF Annual Return Amendment screen will display. Input the Amendment Indicator between 1 and 9 depending on what revision number this is (e.g. if this is the first time you are amending the SMSF Annual Return, select 1) and the Amendment Type Indicator as either ATO Error or Taxpayer error. Input the details regarding the amendment.

  3. Select Submit. This will create an Amended Return and Schedule(s) and will overwrite data previously lodged to the ATO.

  4. Select Close. You will be directed back to the Tax Compliance screen. Section A Question 5 will be updated with the amendment details.

  5. For changes to flow through the amended tax return, you will need to reverse entries, make the required changes and re-create entries. See The Create Entries Process for instructions. 

  6. Once reviewed, you can validate and lodge the return. Refer to Electronic Lodgement for validation and lodging instructions. 

Amendment Process for Migrated Funds - 2017 Financial Year

To amend a return for the 2017 Financial Year of a migrated fund lodged in Simple Fund 360, you have the following solutions:

  1. Copy the amended return data from Simple Fund and enter it into Simple Fund 360 using the amend return feature above.
  2. Lodge a manual amended return to the ATO. Please see Request for amendment of income tax return lodged by tax professionals for more details.