How To Add Bank Account Details to the SMSF Annual Return

Overview

In Simple Fund 360, the default bank account will automatically pre-fill Section A: Question 7, Electronic Funds Transfer, of the SMSF Annual Return on the Tax Compliance screen. 

To ensure the correct bank details appear, you will need to set a default bank account.

To set up the default bank account:

1. Navigate to the Chart of Accounts

From the Main Toolbar navigate to Accounting
Select Chart Of Accounts

2. Locate the Bank Account

• Locate the 60400 Bank Account Control Account. 
• Click the drop-down arrow to display the sub-accounts.
• Select the bank account you would like to appear on the Tax Return, then click to edit 

3. Set as Default

• Select the checkbox Make Default Bank Account and enter the BSB and Account Number. 
• Then Select Save.

How the Bank Details Populate the Annual Return:

• Navigate to the Period Compliance screen and start the Create Entries process. The Create Entries process will prefill the Tax Return in the Tax Compliance screen and populate the details of the fund's default bank account under Section A, Question 7. 

• You can manually update the bank account by selecting Bank Selection and choosing a different bank account from the drop-down list if required.

• If there are bank details entered in the previous year's annual return and the "I would like my tax refunds made to this account" toggle turned off.

• The Copy from Last button will appear to copy those details directly into the Annual Return.