Self-Managed Superannuation Fund guidelines

A Self-Managed Superannuation Fund (SMSF) is essentially a trust registered with the ATO to provide for the retirement of its members, and is taxed concessionally at 15 percent.

An SMSF tax return is lodged annually, and should contain full details of income, levies, contributions and other regulatory information.

This information is recorded and presented to the ATO as a legal requirement.

SMSFs are popular with people who want flexibility in the investment of their superannuation assets, such as the real estate industry.

Frequent SMSF regulation changes, however, have made this more difficult.

Fortunately, at Tax Return Perth, our experienced agents are accustomed to dealing with SMSFs.

They know the SMSF report must contain all of the tax return details for the relevant year, along with the SMSF auditor’s details.

Should these not be included, it is highly likely the lodgment will be rejected.

How and when to lodge an SMSF tax return

In general, the lodgment and payment due dates for SMSF annual returns are as follows:

  • For those lodging their own returns, the due date is the 28th February of the following financial year
  • If lodging though a tax agent, the due date falls under the tax agent lodgment programme, who will decide the date.

For your first annual return, lodgment and payments due dates are as follows:

  • October 31st after your first financial year if you are lodging your own annual return
  • February 28th after your first financial year if you are lodging through a tax agent.

There is a very strict compliance regime in administration, audit and lodging the tax return of an SMSF.

The ATO also impose very severe penalties for any breach of rules.

Unfortunately, the rules and regulations governing SMSFs continue to become more complicated, so it is recommended people seek proper advice.

Why choose Tax Return Perth when lodging your SMSF tax return?

An SMSF must be audited by an approved SMSF auditor registered with ASIC.
Also, the rules and compliance governing Self-Managed Super Funds are complex and constantly changing.
Any breach of compliance rules can also result in heavy penalties for SMSF trustees.

At Tax Return Perth, we have the best team of tax agents in Perth, who provide you with all necessary tax assessments.

This provides our clients with the best savings and concessions on their tax expenses.
At Tax Return Perth, we also offer a fixed price quote for all administration and tax return services for your SMSF.

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