INTRODUCTION: Year End Processing: Online Lodgement
Mclowd has partnered with LodgeIT to enable users to submit the SMSF Annual return (SMSFAR) direct to the ATO using Standard Business Reporting (SBR).
Only users who have chosen to purchase the Online Lodgement Paid Extra are able to use this facility. To purchase the Extra, go to https://app.mclowd.com/paid-extras.
1. Create an Account with LodgeIT
In the first instance you will need to go to the LodgeIT (http://www.lodgeit.net.au/) website and set up an account.
You will need to provide LodgeIT with information about your Fund, including its legal name, ABN, and tax file number, and contact information (name, address, phone number) of the signatory.
Once you are registered as a user of LodgeIT, you can create multiple user profiles, so you can use it to lodge tax returns for other entities you control and for your personal tax returns.
LodgeIT will then display your Fund details on a Client list.
And provide options for you to lodge Activity Statements, a Tax File Number Declaration, PAYG Summary or Self Managed Superannuation Fund Tax Return.
LodgeIT will store lodged forms for future reference, and allow you to store incomplete draft forms pending completion and lodgement.
2. Register LodgeIT as your Fund’s Online Lodgement Provider
The ATO has removed the requirement for you to register for Auskey before using an online lodgement service.
To use LodgeiT as your online lodgement software provider, you now only need to provide the following information:
LodgeiT Pty Ltd, ABN: 98146732569
Your software subscription id: 1000028674
You can provide this information either by calling the ATO on 1300 852 232.
If you already have Auskey installed on your computer Auskey, go to ATO Access Manager where you can to nominate LodgeiT as your software provider.
If you have any team members, add their software subscription ids too. Access a complete guide here. If you don’t have access to ATO Access Manager ask your AusKey administrator to add your software subscription id, otherwise you won’t be able to lodge any forms and use other SBR services in LodgeiT.
Important! To use new authentication scheme you have to remove all your Auskey from LodgeiT.
3. Purchase a Lodgeit SMSFAR Extract
If you have not already done so, purchase the Online Lodgement extra from Mclowd. Go to the Mclowd PAID EXTRAS tab
And locate the Online Lodgement product.
Or type https://app.mclowd.com/financial-periods directly into your browser navigation bar.
You can also use the DOWNLOAD button on the Mclowd Financial Periods screen to purchase the Online Lodgement service.
4. Download the SMSFAR Extract
Once you have completed your purchase you can go to the Financial Periods page (https://app.mclowd.com/financial-periods) and DOWNLOAD the extract for the relevant financial year. Save the file to your computer.
NOTE: Once you have made the purchase for a given financial year, you can download the file multiple times (for instance if you have subsequently made amendments to your year end figures). The file will be a standard XML data file structured to LodgeIT’s import specifications. Whilst it may be usable with other online lodgement services or by importing to your tax agent or accountant’s software, there can be no guarantee that the structure will be compatible with other lodgement software.
5. Import Data File to LodgeIT
After you have downloaded the file and are ready to lodge, simply log into your LodgeIT account with your email address and password
To import the XML file from your desktop (or other saved location):
- Create a form by choosing FORMS from the main menu and then selecting Self Managed Superannuation Tax Return (SMSFAR) from Add Forms.
A partly completed form will be displayed.
- Click IMPORT.
- Click the displayed Mclowd logo.
- Click YES when asked if you wish to overwrite all exiting data on the form. The data imported from Mclowd will correctly overwrite any existing data.
- Click the folder icon to locate the XML file you downloaded from Mclowd.
Your form will now be populated with data imported from Mclowd, and almost ready for lodgement.
6. Completing and Lodging the Return
LodgeIT will now highlight any errors or missing information and allow you to make corrections. In particular, you may find you need to remove zeros from some fields. If you expect a refund, you will need to insert details of the bank account for your Fund. You also need to insert your auditor’s contact information.
Please note there are a small number of fields that are not yet incorporated into the Mclowd file (such as auditor phone number). We are in the process of upgrading the Mclowd database to reflect these data points, but for now you will need to enter these via LodgeIT.
We also plan to tighten the level of integration with LodgeIT into the future, so that the above process can be simplified (such as not requiring separate login to LodgeIT).
When your form is complete, click LODGE to complete the lodgement process.
LodgeIT stores the form in a forms library, marking it’s status. If successfully lodged, the Status column will show ‘’Lodged’. Form can be saved in Draft mode or after Prelodging if you need to interrupt the preparation process and return to completed it later.
NOTE: You can also use LodgeIT to complete your Fund BAS returns and to complete tax returns for other entities you control, as well as for your personal tax returns.
The following videos provide an overview of the lodgement process (from within the LodgeIT environment) for both Mclowd trustees and practitioners:
- Practitioner video (http://acclearn.com.au/page/free.aspx?series=232&type=free)
- Trustee video (http://www.acclearn.com.au/page/free.aspx?series=231&type=free)