SMSF Accounting And Taxation
SMSF Accounting And Taxation
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Why Do You Need An SMSF Specialist
You Can Create An SMSF To Gain More Control Over Your Retirement Savings Fund With The Expectation Of Better Returns Than The Other Types Of Funds. As The SMSF Funds Generate Income, You Will Need To Manage The Accounts, File Taxes On Income And Needs To Arrange Audit Of The Accounts.
The SMSF tax and accounting laws are usually complex and they are better handled by accounting and taxation experts. The professional SMSF Accounting and Taxation services will not only take care of your SMSF’s taxation, accounting and other compliances, but also help you in the administration of the fund in a professional manner.
SMSF Accounting And Taxation Melbourne
Duties And Responsibilities Of SMSF Accounting and Taxation
Like any other individual, trust or business entity, the SMSF Fund needs an Australian Business Number (ABN) and a Tax File Number (TFN) first. It also needs a bank account to receive individual contributions of members, invest money and pay out pensions and lump sum payments according to rules and regulations of the Superannuation industry.
Secondly, as SMSF funds come under the governing legislation of the Superannuation Industry Supervision Act, 1993, you will need to ensure compliance with it. There are a lot of penalties, imposed by the Australian Taxation Office (ATO), for failure to adhere to the SMSF compliances. Moreover, the legislation of the SIS Act is always changing, which makes the entire accounting process very difficult for any average person. Hence it is always wise to consider help in paperwork and compliance of the professionals and SMSF specialists.
The responsibilities of SMSF accounting and SMSF trustees include:
- Sign a trustee declaration, signed by all the trustees indicating that they are aware of their responsibilities
- Maintaining accounts and preparing financial statements
- Keeping records of Minutes of Meeting related to changes in the resolution
- Submitting taxes and filing tax returns
- Getting audit done by licensed independent auditor
Moreover, there are always some new responsibilities being introduced by the ATO from time to time. Keeping yourself updated with the ever changing accounting requirements can be really stressful and complicated. Hence it is always wise to hand over the accounting and taxation part to experienced professionals, who will manage all the necessary paperwork and accounting compliances for an agreed fee.
Hence, if you are starting a new SMSF, head over to Quick SMSF Accountants for accounting and maintenance, administration of your SMSF. And if you are a member of an existing SMSF, you can always switch to the best SMSF Accounting and Taxation Melbourne firm with unparalleled technical expertise without any issue.