Quick SMSF Accountants | Best SMSF Accountant Melbourne

  Once established legally all  SMSFs   are required to lodge annual return except in the first year of the  SMSF   registration if there are no assets in the fund, there is no requirement to lodge the tax return. Trustees can either request tax office for return not necessary or cancel fund’s registration. What are the requirements for the SMSFs for the approval of return not necessary? To be a trust structure  SMSF  is only establish once it has assets set aside for fund member benefits. If there are no assets in the fund in first year trustees can: 1. Write to the tax office and request funds registration to be cancelled 2. Request tax office to approve return not necessary by satisfying the conditions below: – In its first year of setup fund has no assets and did not receive any contribution or rollover for any fund member – Submit supporting document with the RNN request showing first date fund held assets and started operating. Example being...

  An  SMSF accountant   is not your average number cruncher. They don’t just do tax returns and send you a bill. They manage the accounting of entire financial life of your self-managed super fund — from preparing your accounts and processing contributions to making sure your fund meets every single   ATO   requirements. And when you’re dealing with your retirement money? That’s a big deal. Let’s know more. What’s a super fund and how’s it different from other business entities? A super fund is unlike your usual business account. Is not an investment property or a family trust either. A super fund is a regulated retirement savings structure. It gets special tax breaks — like only paying 15% tax on earnings and even 0% in the pension phase by following cap rules. But of course, with these benefits come responsibilities. For example, you can’t mix personal and super money. You cannot make early withdrawals. You can’t lend yourself cash from your fund even if it’s ...

  Running your own  SMSF  sounds great on paper. More control, more freedom, and more say in where your retirement money invested. But here is the catch — an  SMS F comes with rules. Lots of rules. And one missed form or wrong entry can mess things up fast. That’s where an  SMSF Accountant  steps in. An  SMSF Accountant  is not just your everyday tax accountant. They understand how self-managed super funds work — how the ATO sees them, how the numbers should be reported, and how to keep your fund clean on paper. If you thinking, Can’t my regular accountant do this? — Maybe, but not always. There is a difference, and that difference is significant. In this section of our website, we answer the most common questions about SMSF accountants. Whether you are starting out or just curious, everything you need to know about an  SMSF accountant  is right here. What is an SMSF accountant? An  SMSF accountant  keeps your fund functioning ...

  Filing your SMSF tax return isn’t just a casual yearly task, it’s a legal necessity. The ATO keeps a close watch on self-managed super funds. If your records are not accurate or audit isn’t in order, the penalties can be serious. You can also lose your fund’s tax benefits. That’s where every dollar going in or out needs to be tracked. Every figure in your financial reports must match. Your audit must be done by registered, independent auditor. Staying 100% ATO-compliant protects your retirement savings and keeps your SMSF running smoothly. Important points about SMSF tax returns The ATO treats a self-managed super fund just like a person — if it earns income need to pay tax. The difference is that an SMSF usually gets a lower tax rate of 15%. Filing your SMSF tax returns (NAT 71226) isn’t just about reporting income, it also includes contributions, audit info, and the annual supervisory levy. Please note that the returns should be launched after a licensed auditor completes the a...

Submitting your SMSF Tax Return through registered tax agent and due date   Keep in mind the due date and engagement process if the   tax return   is prepared and lodged by a registered tax agent. At the end of the previous financial year which is 30th June if an  SMSF  hold assets or received contributions, rollover during the year annual return needs to be lodged for that year by the due date.  SMSF tax return  is not like your personal tax return as it contains regulatory superannuation information, contributions details, payments details and need to pay  super levy  as part of the annual tax due amount. In case your  SMSF  was set up but did not hold any assets or received contributions in the first year of the registration you can request tax office to mark annual return as return not necessary. If you have decided not to continue with an  SMSF  after registration where it has zero assets in the first year you can can...

  9 benefits of outsourcing SMSF Accounting and Tax reporting Outsourcing SMSF Accounting  and Tax reporting allows you to manage your funds without stress and worries. Want to know how? Read on. Self-managed super funds  are a popular retirement saving option in Australia. They give you full control over your superannuation investments. You can manage and grow your funds as per your own preferences. The growth and the expansion of your fund depends on how you manage your fund. But managing your own funds also means being responsible for accounting and tax reporting. SMSF accounting ensures that your fund functions within you needing to maintain detailed records of your financial transactions. These may include documenting all income, expenses, and assets. Tax reporting is equally vital. Your  SMSF  needs to comply with Australian tax laws. Failing to report taxes correctly can result in penalties Why is accounting and tax reporting important for SMSF management...