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

MELBOURNE, Australia - Nov. 29, 2023 - PRLog -- 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.

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.

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

SMSF Tax Return
0412 850 242
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Location:Melbourne - Victoria - Australia
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