Self-Managed Superannuation Funds (SMSFs) are highly regulated. SMSF Tax Returns are an important part of ensuring the correct taxation is paid by SMSF in Australia.
Every SMSF must lodge a SMSF Tax Return with the Australian Taxation Office (ATO) each Financial Year. This return must be lodged by the due date.
Appointing an SMSF accountant that is also a registered tax agent to prepare and lodge the SMSF annual return, can also arrange an SMSF audit to ensure all superannuation and taxation obligations have been met. This is an independent SMSF Auditor from the tax agent, the fund members and the SMSF Trustees.
It is important that SMSFs take care when completing their tax returns as mistakes can lead to penalties from the ATO. Failing to submit your SMSF Tax Return on time can result in significant fines for your super fund so it is essential that you plan ahead and make sure you meet all lodgment deadlines set by the ATO. Don’t leave anything to chance.
An audit is a process used to review and verify financial statements.
For self-managed super funds (SMSFs) this requires the appointment of an independent SMSF auditor.
Australian SMSF auditors must be registered with the Australian Securities and Investments Commission (ASIC). Their role, the SMSF auditor to audit the SMSF and ensure the fund is compliant.
As part of the lodgment process, it is important for SMSFs to meet their due date obligations in order to avoid penalties or other corrective action.
Ultimately, it is the responsibility of trustees of self-managed superannuation funds to ensure their fund meets its audit requirements and lodges its financial statements with the Australian Tax Office in a timely manner.
A self-managed super fund (SMSF) is a great way to manage your own retirement savings.
Newly registered SMSFs will need to lodge an annual return each financial year.
As part of this lodgment, a supervisory levy is also required. Not all funds have the same lodgment due date.
You should familiarise yourself with your fund's lodgment obligations. It’s important that all newly registered SMSFs understand their obligations when it comes to managing their superannuation funds so they can meet their due date and avoid any penalties.
To stay on top of your SMSF requirements and added peace of mind, it’s essential to use the services of a registered tax agent or accountant who can help you meet all your obligations in a timely manner.
