SMSF Tax Return | SMSF Tax Return Service in Australia - Superfund Warehouse

MELBOURNE, Australia - Jan. 7, 2022 - PRLog -- SMSF tax return is not same as individual tax return and is not part of the individual tax return. It needs to be lodged separately and is in addition to the personal tax return. SMSF financial year for tax return is from 1 July to 30 June. Sometimes Superannuation tax return needs to be prepared and lodged first as some information from the Superfund tax return might go to the individual tax return for lodgement.

It is always a good idea to prepare and lodge SMSF tax return as soon as possible because sometimes to find out how much the contribution cap available for members depends on the previous years ending member balance and to work out their minimum or maximum pension payment amount (if any) for the year. Without SMSF annual accounts prepared its hard or impossible to work out the balances of the previous year end.

From the inception of the Self Managed Super Fund, SMSF tax return is lodged every year or annually and must be audited before the lodgement of the tax return. Tax return will cover and include the previous year's activities of the SMSF and will be reported to the Australian taxation office in an approved form.

Superannuation tax return will cover the fund details, income section, deduction section, members details with contribution and payment details if any, auditor details and audit complete details and these details will be forwarded to the tax department in the form of the tax return lodgement. Annual accounts prepared for the year will not be sent to the tax office but amounts or details will be taken from the financials to prepare the superannuation tax return. Once the annual return is prepared tax return will be lodged electronically or will be sent to the tax office in the paper form.

At the final stage when the SMSF trustees decide and make a decision to wind up the Superfund, final Superannuation tax return need to be lodged with the wind-up section details filled on the tax return and audit needs to be completed before the final tax return lodgement. SMSF trustees need to make sure rules of the Superannuation industry and SMSF trust deed are followed and wind up of the Superfund is done correctly.

Once tax return prepared and send to the tax department, Tax office can take up to 60 days to process the final return of the self managed super fund and once processed SMSF will be wind up and details on the Superfund Lookup will be changed to status as cancelled and fund no longer operating.

Please contact Superfund Warehouse for your Superfunds year end accounting and tax return needs.

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