A quick guide to filing SMSF tax returns
A quick guide to filing SMSF tax returns Filing your SMSF tax return isn’t just a casual yearly task, it’s a legal necessity. The ATO keeps a close watch on self-managed super funds. If your records are not accurate or audit isn’t in order, the penalties can be serious. You can also lose your fund’s […]
Submitting your SMSF Tax Return through a registered Tax agent and due date
Submitting your SMSF Tax Return through a registered Tax agent and due date Keep in mind the due date and engagement process if the tax return is prepared and lodged by a registered tax agent. At the end of the previous financial year which is 30th June if an SMSF hold assets or received contributions, […]
9 benefits of outsourcing SMSF accounting and tax reporting
9 benefits of outsourcing SMSF accounting and tax reporting Outsourcing SMSF Accounting and Tax reporting allows you to manage your funds without stress and worries. Want to know how? Read on. Self-managed super funds are a popular retirement saving option in Australia. They give you full control over your superannuation investments. You can manage and […]
SMSF Super levy Cost and Guide
SMSF Super levy Cost and Guide When you set up an SMSF several costs are involved in setting up the fund and ongoing operations of the fund. Some of them are one time payment like SMSF Set Up and other are occurred every year like accounting fee, audit fee etc. One of them is the ATO supervisory […]
SMSF expenses and are they tax deductible?
SMSF expenses and are they tax deductible? Expenses incurred in running the self-managed super fund are generally tax deductible but there are some expenses that are not tax deductible. Expenses can only be claimed if they are according to the Superannuation and tax laws. Like any other entity in Australia expenses must relate to earning […]
SMSF tax return and why you should lodge it on time?
SMSF Tax Return and Why you should lodge it on time? SMSF Tax Return SMSF Tax Return (NAT 71226) covers reporting of superannuation income, deductions, tax outcome, member contributions and payment of super levy to tax office. It is more than an income tax return and has eleven sections. All SMSFs must lodge tax […]
Electronic service address (ESA)
Electronic Services Address (ESA) What is an ESA (electronic service address)? An Electronic Service Address (ESA) is an alias that represents the uniform resource locator or internet protocol address of a messaging provider. How to get an electronic service address (ESA)? Trustees can get the electronic service address (ESA) directly from the messaging provider like Australia […]
What Does an SMSF Accountant Do?
What Does an SMSF Accountant Do? Have you ever wondered what an SMSF accountant does? They handle all the accounting, administrative and financial reporting tasks required to keep your self-managed super fund (SMSF) compliant with government regulations. Key Services Provided by SMSF Accountants What does an SMSF accountant do to ensure your fund runs […]
Top 5 benefits of using professional SMSF Tax Return Services
Top 5 benefits of using professional SMSF Tax Return Services Managing a self-managed super funds (SMSF) can be a beneficial experience. However, it comes with a lot of responsibilities, especially when it comes to filing tax returns. Many SMSF trustees try to handle this process on their own. If you know the ins and outs […]
The role of an accountant in managing SMSF
What is an SMSF? An SMSF, or Self-Managed Superannuation Fund, is a type of retirement fund in Australia. Unlike other super funds, members of an SMSF also act as trustees. This means they have control over investment decisions and how their super is managed. However, with members control comes big responsibility. Managing an SMSF involves […]