Preparing Your SMSF Annual Return: What You Need to Know

As the year draws to a close, it’s natural to take stock of what you’ve achieved, what’s ahead, and whether everything in your self-managed super fund (SMSF) is running smoothly.

The good news? If Andromedae manages your SMSF fund, you can relax knowing most of the work is already in progress.

While you ease into the new year, our team is quietly preparing your SMSF for the next stage – the audit and annual tax return. It’s detailed work, handled carefully behind the scenes, to keep your fund compliant and give you peace of mind heading into the next year.

1. What happens at this time of year

From December through to the start of tax season, Andromedae’s focus shifts toward reconciling, reviewing and preparing each SMSF for audit and lodgement.

It’s a steady rhythm that ensures every fund we manage meets ATO requirements and is ready well before its due date.

Preparing for audit and lodgement

Each SMSF must have its financial statements independently audited before its annual return can be lodged. That process verifies that your fund has met all its legal obligations for the year.

Here’s what happens behind the scenes:

• We reconcile your fund’s bank accounts and transactions for the financial year.

• Investment records are reviewed and verified.

• Financial statements are prepared, double-checked, and then provided to an ASIC-registered independent auditor.

• Our team works directly with the auditor, answering any queries and supplying supporting documents.

• Once the audit is complete, we lodge your SMSF Annual Return with the ATO.

If you’re new to running an SMSF, your fund’s first return will generally be due in February, while established funds are typically due in May.

The exact date may vary, but the goal remains the same – accuracy, compliance, and a seamless experience for you.

2. What we’ll need from you

Your part in this process is intentionally simple.

All we ask is that you keep any receipts or invoices for fund-related expenses handy, things like property costs, insurance premiums or fund expenses, and send them through when requested.

That’s it.

These small details help us verify outgoings from your SMSF account and ensure they meet ATO standards. Beyond that, everything else is managed by us.

If we need clarification or any additional documents, we’ll reach out directly. No chasing. No long email chains. Just clear communication and guidance from your Andromedae team.

3. Why this part of the year matters

It’s tempting to view this as just another round of paperwork, but it’s more important than that.

Your SMSF’s annual return acts as a health check for your fund – confirming that everything from contributions to investments and expenses hasve been recorded accurately. It’s also a chance to see how your fund is tracking and to make sure your strategy continues to serve its purpose.

For many trustees, this moment brings reassurance, the sense that their fund is being looked after properly and continues to work the way it was designed to.

And even if your goals are purely personal – early retirement, greater control, or simply managing your money your own way – having a compliant, well-maintained fund means you’re in a strong position to plan ahead with confidence.

4. Behind the scenes with Andromedae

While you focus on the things that matter to you – work, travel, or simply enjoying the slower pace of summer – we’re making sure every detail in your fund lines up exactly as it should.

Our work at this time of year includes:

• Checking every transaction for accuracy and purpose.

• Matching receipts and records against the fund’s accounts.

• Ensuring investment records align with your SMSF’s trust deed.

• Preparing and forwarding documents to the independent auditor.

• Lodging your annual return once everything is cleared and complete.

It’s precise, patient work that relies on good systems and great attention to detail, and it’s something we take pride in doing well.

By keeping this process consistent year after year, your fund stays healthy, transparent, and ready for any changes the ATO introduces.

5. The power of good record-keeping

Behind every well-run SMSF is one simple habit: keeping things organised. Clean records don’t just make audits easier; they give you clarity about how your fund is performing and where it’s heading. They show that your SMSF is being managed with care, which ultimately protects your future.

At Andromedae, our systems are designed to make this as effortless as possible. Everything we do, from digital record-keeping to automated reporting, ensures your fund is accurate, up to date and ready for review at any time.

For you, it means no surprises. No last-minute scrambles. Just the calm confidence that comes from knowing your SMSF is always audit-ready.

6. Moving forward with confidence

Once your audit and return are finalised, you’ll receive confirmation that your fund is fully compliant for the year. From there, our team moves straight into maintaining your ongoing records for the year ahead – tracking transactions, updating documentation, and staying in step with regulatory changes.

7. The bigger picture

Having an SMSF is about having control and having the right people in your corner to manage the compliance side.

At Andromedae, we see tax season as more than a deadline. It’s part of a cycle of care that keeps your fund compliant, transparent and future-ready.

We handle the details quietly, thoroughly and consistently – because the smoother your administration runs, the more freedom you have to focus on your goals.

You stay in control of the direction; we’ll make sure every detail follows through.

Need help getting your SMSF year-end ready? Get in touch with us today.

Disclaimer: Andromedae and its staff do not provide financial advice on whether an SMSF is right for you. We also do not provide advice on what investments your SMSF should undertake. Our role is to manage the administration and compliance of your SMSF. Please seek advice from your own financial professionals to determine what is best for your personal circumstances. All content in this blog is provided as general information only.