Closing and rolling over financial year with unlodged return

Quick question:

If I were to close off a period (2019 FY as case in point), does doing this have any impact if the Annual Return has not been lodged yet? I.e. can I go back and lodge a 2019 return even though the year is closed to 2020.

Can SF360 even close off if the return is not yet lodged?

Reason is that my client intends to wind up their fund for 2020, has not yet signed off the 2019 return, but I need to at least complete the accounts for 2020 so I can prepare the rollover forms for them.

Thanks in advance.

Hi Mikey,

Thanks for your question.

You can close a FY without lodging the corresponding Annual Return (AR). So in your case, FY 18-19 can be closed without having the AR lodged. You can then start processing accounts for FY 2019-20 and lodge AR for FY 2018-19 when ready.

Hope this clarifies.