SMSF Tax Return Services Australia
Annual Tax Return Cost
The fixed fee charged by us for an SMSF annually is $890 including GST which covers annual accounts preparation, tax return preparation and lodgment and independent audit. For more information checkout our fees page.
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Tax Return Lodgement Deadlines By Using Services Of Registered Tax Agent
If trustees use services of the registered tax agent to lodge the tax return of their SMSF due date for the first year return will be 28th February while from the second year tax return due date will be 15th May. To get these concessional tax return lodgment dates trustees need to ensure previous years tax return is lodged on time. SMSFs with tax return not lodged on time will be removed from the Super Fund Lookup tool and their details will change from compliant to ‘registration details removed.’ With this status SMSF will be unable to accept further employer contributions. After this registration details will only be updated once the overdue tax returns will be lodged.
Supervisory Levy
Australian Taxation Office is a government body and in charge of the taxation in Australia including Self Managed Super Funds. As they look after the compliance activities of the Self Managed Super Funds they charge every SMSF an annual fee called Supervisory Levy. Supervisory levy is paid as part of the tax return lodgment an addition to the standard tax payable amount and currently its set as $259 per year. Irrespective of the income of an SMSF during the year levy is paid every year even for SMSFs where there is no taxable income.
For the newly registered SMSFs for the first year levy will be $259 plus $259 charged advanced for the next year. This will be adjusted in the wind up year where no levy will be payable.
For example, at the time of the 2021-22 financial year tax return lodgement, levy will be $518 which covers levy for 2021-22 and 2022-23 financial years.
SMSF Tax Rates
For most of the Self Managed Super Funds tax return for the taxable income is 15% concessional taxed to encourage to save for the retirement. Trustees need to make sure to enjoy these concessional tax rates their SMSF remains compliant and follow the rules and regulation of the Superannuation laws. If the SMSFs becomes non complying the tax rate will be the highest marginal tax rate and it includes any income of the SMSFs which is earned at the non-arm’s length such as:
- Any part of the SMSF income during the year where parties not deal on arm’s length basis
- Where SMSF receives income as beneficiary of the discretionary trust
- Payments received by the Self Managed Super Fund being an act where parties not deal at arm’s length basis example being where SMSF property is rented to related party and rent payments are not at market rates
On expenses side this could rise where expenses are not paid to each other on commercial terms.
ATO Lodgments
Depending on the SMSFs there may be additional lodgment requirements. If the SMSFs is registered for GST it requires to lodge this as well. TBAR reporting which started from 1st July 2017 also needs to be done if the SMSF has any event occurred which comes under TBAR reporting rules. We can help with the below mentioned ATO lodgment as well:
- BAS (Business Activity Statement)
- TBAR (Transfer Balance Account Reporting)
Book Your Appointment
The key distinction between SMSFs and conventional super funds is that you, as a trustee, run the fund yourself and can have up to six members accountable for making fund decisions. It also comes with the benefit of giving trustees more flexibility over investment decisions and how the fund is tailored to meet their specific retirement needs.
Our Fees
Our Services
We offer a broad array of services concerning accounting and administrative support. Here is the description:
SMSF Accountant
We are one of the leading SMSF Accounting Services in Melbourne, offering an expert, dedicated team of accountants for adequate client support. Our team helps you with fund accounting tasks and valuable administration in your….
SMSF Tax Return
The tax infrastructure of Australia is complex to understand, but with us, your SMSF tax returns are in safe hands. Our team manages the complete paperwork, ATO return, and claims accurately. We offer high-end support to our clients with the SMSF tax return …..
SMSF Bookkeeping
Quick SMSF Accountants offer advanced bookkeeping services with a modern alternative to superannuation trusts. By this, we offer expert accounting support and assistance to use it in the management of Self-Managed Super Fund. Our team…..
Quick SMSF Accountants
One of the requirements to have an SMSF is to lodge tax return every year with Australian Taxation Office. After preparing the accounts, tax return will be prepared and audited and lodged with the tax department consisting of regulatory and financial information, members information, contributions during the year with year end balance reported to the ATO. Unlike personal tax return or standard business return Superannuation tax return is more detailed as it also covers compliance information and tax office detailed check because of the Superannuation retirement purpose area.
As Superannuation system in Australian provides concessional tax treatment to encourage people to save for the retirement trustees need to ensure their fund is compliant for this tax treatment. Trustees need to follow the rules and regulations of the Superannuation Industry (Supervision) Act 1993 and the Superannuation Industry (Supervision) Regulations 1994 rules and make sure they remain compliant with these all the time.