SMSF members have a negative account balance as of 30 Jun. How to lodge an Annual Return for the fund?
In a normal situation, a member should not have a negative balance. A fund should have assets set aside for the benefit of members. Double check the accounts to make sure that transactions are all processed correctly.
However, due to loss or in other rare situations, if a fund does have a negative member balance at the end of a financial year, then the Annual Return can NOT be lodged electronically via Simple Fund 360. A negative member balance can not pass the ATO validation.
A paper lodgement might be an option in this case.
Please note BGL does not provide tax advice. For compliance purposes, please check ATO Closing Account Balance