SMSF Tax Return Services

Are your SMSFs annual return lodged correctly and not paying too much or too less tax?

Like any other taxpayer entity in Australia SMSFs need to prepare tax return yearly and pay tax or get refund. Self-managed super fund’s annual return due date is not same as other entities or your personal tax return. It also differs if it is a new established fund, exiting fund or lodged by trustee, through tax agent.

If you lodge your individual tax return, company tax return, SMSF tax return is in addition to these and requires to lodge its own tax return every year. Its trustee’s responsibility to lodge return on time, correctly and make sure it does not cause big surprise later.

Australian tax law is complex and proper understanding of the law is required to prepare and lodge tax return. Taxpayers who sometimes go alone and prepare, lodge tax return without the professionals help sometimes end with errors and unexpected tax office assessment. As SMSFs are for retirement so doing this without professional help and lodging with errors will erase retirement savings that is most important part for retirement life.

SMSF tax return services make this easy for you and our professionals make sure your tax return is Ato compliant. Our goal is to minimize tax liability legally by claiming allowable deductions so that you can end with more for retirement.

Want to learn more about SMSF tax?

SMSF Income

As SMSF is treated same like any other tax entity if it earns income, it will pay tax. During the working life members employer contribution, member concessional contributions are deposited in their superannuation account where it will be taxed at flat 15%. For member concessional contributions to the fund within the limits members will claim deduction in their personal tax return. Other income part could be from the investments SMSF has made. If there is investment income during the year it will be added to the income section. Also, if there is capital gain during the year SMSF will pay tax on this with if asset held less than one year tax rate is 15% and held for more than a year SMSFs will get 1/3rd discount.

SMSF deductions

Same like other entities expenses incurred in generating income will be deducted from assessable item to come to taxable income. Main expenses for SMSFs being accounting fee, audit fee, super levy paid to Ato every year, investment expenses, some insurance types, admin fee.

If the expenses or capital loss is more during the year these will be carry forward to late years. These will be shown on the SMSF tax return section.

If the SMSF is in pension phase than the tax rate is zero but needs to follow the tax and transfer balance cap rules. Where the SMSF is in both accumulation and pension phase exempt income needs to be calculated accordingly.

SMSF Audit

Self-managed super fund needs to be audited before the lodgment of the return and it will be audited by an ASIC approved SMSF auditor which will check the financial sections and compliance with SIS act.

GST registration for SMSF

Most SMSFs make input taxed sales which do not count towards GST turnaround so they do not need to register for GST. If the yearly GST turnover is more than $75000 SMSF must register and pay GST. Some SMSFs might choose to register for GST voluntary but you should consider the bookkeeping and admin costs.

It is easy to lodge return on time, correctly and compliant with the help of SMSF professionals like SMSF tax return services.

We provide expert guidance to ensure your Self-Managed Super Fund (SMSF) tax returns are handled with precision. Trust us for professional, reliable, and client-focused services, tailored to meet your unique financial needs. Take the complexity out of tax returns – partner with us for a smoother financial journey in Melbourne.

Feel free to contact us if you need help with SMSF tax return preparation and lodgment.