Practitioner Edition

11.8.3 Year End Processing: Processing your SMSFAR with LodgeIT

You can now select Forms from the LodgeIT menu, click Add a Form, and select SMSFAR SMSF Tax Return (first making sure your Fund is selected as the client).

LodgeIT form options

LodgeIT asks you to choose the tax year for which you are completing a return.

Select tax year

Select the correct year, then click CREATE AND PREFILL. LodgeIT displays:

Sections icon menu

If uncertain which sections your return needs to include, just select all of the icons shown. You can remove sections later. Click Complete.

LodgeIT now displays:

LodgeIT tax return started

Click the three dots at top right to drop down the Import option.

LodgeIT Import icon

Find the import file

Click the file icon at right of the File field and locate the XML file you downloaded from Mclowd earlier.

 Choose the import file

The file is imported and the tax returns fields are filled. The system will compute tax owing and display it at the top of the screen. You are able to scroll through the pages and check the data in each field.

Section titles are displayed across the top, enabling you to move through them quickly.

LodgeIT sections menu

Clicking the Sections icon enables you to add or remove sections. Sections icon

Clicking the printer icon displays a menu offering options to print or download. Printer icon

This menu allows you to optionally include schedules and lodgement declaration.

If you need auditor signoff, you can print or download a copy for your auditor. Otherwise, you can now choose to Validate and Complete, finalising lodgment.

In order to proceed with the lodgment of the tax return via LodgeIt, you have to click Validate button at the bottom of the page. This will list – at the top of the page – any issues that LodgeIT identifies. Once all issues have been corrected, click the Validate button again.

When LodgeIT validates the form successfully, with no issues listed, clicking Complete will lodge the tax return with the ATO.


NOTE:

If you do not complete, LodgeIT will save the form and display it as a Draft in your Forms list and you can return to it at any time by clicking on it.

Draft return saved

Lodged forms are stored for future reference with status and last update date shown.


IMPORTANT WARNING:

DO NOT finalize and lodge a return without first checking whether auditor sign-off is required. If sign-off is required, you should complete and validate the form but DO NOT click the COMPLETE button. Instead, print or download the completed form and send to your Auditor. Once the auditor has provided a report confirming everything is in order, you should be able to go back to LodgeIT, enter the date the auditor signed off, and finalize electronic lodgement of the form.


This completes Year End Processing and Tax Return Lodgment.

about the author:

Lorraine Cobcroft

With a background in accounting and financial management, followed by two decades writing software documentation, Lorraine joined the Mclowd team in mid-2016 and is enjoying working with a dynamic team to enhance an innovative product that has the potential to revolutionize the way Australians manage their retirement funding. Lorraine is also an accomplished business writer, ghost-writer, novelist and short-story writer and poet.

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