The Self-Managed Superannuation Fund (SMSF) is exploding in popularity as the ATO adjusts regulations and Australians gain confidence about managing their retirement savings.
Every SMSF requires its own tax return lodged at the ATO, every year. This is in addition to your annual individual tax return. Additionally, every SMSF must be formally audited every year.
- Is your SMSF tax return being lodged correctly?
- Are you positive that your SMSF is ATO-safe, audited properly and not creating a tax assessment that could sneak up later and reduce your retirement wealth?
SMSF Tax Returns
Australian taxation law is among the most complex in the world, and SMSF tax is one of the most difficult areas. Some taxpayers go it alone, managing their SMSF and all of their tax returns without any expert help. Often these ‘DIY’ people pay for mistakes later on, when an unexpected ATO assessment hits them with thousands in taxes owing.
An SMSF tax problem can erode the gains made within your super fund. That is a disaster for you as an investor and as a future retiree.
Your Self-Managed Super Fund must be ATO-compliant and at the same time it should help minimise your taxes, so you have more to retire on later.
The tax agent team at GGA have 35 years’ experience, with specialists in the team for handling every sort of tax issue. Your SMSF Tax Returns and SMSF Audits are exactly the sort of work we specialise in, and that’s why our clients include families who’ve relied on us for decades – while their wealth grows.
Your future depends on your SMSF. Don’t leave anything to chance: Talk to an expert to ensure your SMSF taxes are in order.
SMSF Audits: An annual requirement
As a trustee of an SMSF you must appoint an independent SMSF Auditor to audit your Self-Managed Super Fund every year.
An SMSF Auditor will review your fund’s financial statements and make sure your fund follows the many laws that apply to SMSFs.
Annually, the SMSF Auditor must provide an SMSF audit report to you, the trustee, by at least the day before the SMSF is required to lodge its SMSF Annual Return with the ATO.
For an SMSF Auditor to do their job, you need to provide them with detailed information about your accounts and transactions in plenty of time for an audit to be done properly.
Ideally, you should talk with your SMSF auditor – and provide financial documents to them – 60 days before your SMSF Annual Return is due. This way, there’s time to get the audit done and then to prepare your SMSF Tax Return before the due date.
By appointing a registered tax agent to handle both your SMSF Audit and SMSF Tax Return, you’ll ensure your fund is not running afoul of ATO regulations, not running overdue for the annual return and not accumulating costly taxes or penalties.
To arrange your SMSF Audit or ask questions about your SMSF, feel free to give us a call. Griffin Group Accountants has friendly, highly-qualified tax experts who are happy to talk with you. (No obligation, no strings attached.)