A tax date with your SMSF

Christine St Anne  |   02/06/2014 Text size  Decrease  Increase   |  
Christine St Anne: SMSF Professionals' Association of Australia's Graeme Colley was on his way to a budget meeting. But we managed to grab some time with him to talk about some of the key dates trustees need to look at as the 30th of June deadline moves.  

Concessional due date for lodgment of SMSF annual return for funds

Graeme Colley: Trustees, I think they need to get on to their accountant now, if they haven't done anything about lodgment of their self-managed superannuation fund return, because on that date the lodgment of returns is required. Some people might have to lodge earlier where they haven't put their self-managed funding over the last couple of years, but they'll certainly know about that, because their agent – their tax agent who – the main lodges of self-managed fund returns, would have got a very strong reminder from the ATO to get their returns in a bit early.

Payment assessments of superannuation contributions surcharge and termination payments

The 15th of June is the payment of the tax for the superannuation fund and also for the surcharge and the other assessments or termination payment assessments that are in.

The lodgment of superannuation assessment variation advice

On the 22nd of June, what needs to be done is the superannuation payment variation advice needs to going if there is any variation to the taxes required to be paid by the superannuation fund.

The due date for the payment of the assessments means that for those types of assessments for surcharge and other termination assessment that have been received, that that's when they need to get the payment seen for those amounts, but they would of – the agent for the particular client would have got that, for the moms and dads would have received that, so your tax agent would have received that and then he will be happily be chasing you up to get those payments in.

A reminder about the limits to co-contribution caps

Well, I think now we're looking into June, we're just about to start to June, its thinking of those year-end planning tips that we can look at for superannuation contributions in particular because that's when you want to get things in and I think that – think about putting too much contributions in the superannuation is certainly something you need to be aware of. That is from the 1st of July this year, we are seeing some indexation of the contribution caps and you need to have a talk with your accountant to make sure you are doing those contributions properly, because if you put too much in, you may not get the benefit of indexation when you've got non-tax deductible contributions coming into the superannuation fund.

New audit requirements

All superannuation funds have got to be audited, self-managed funds, because the ATO looks after those, have certainly got some new audit requirements. We are seeing that the audit must be conducted on records which are valued at market value basis, which is very important. That is a change over the last few years. We are saying five grader concentration with the revision of GS 009, which is the accounting standard that relates to auditing of self-managed superannuation funds in particular. So it's pretty important to understand what those variations are.

We are seeing the introduction of penalties from the 1st of July with the ATO. The ATO tells us that they'll be fairly lenient in the first six months of this new penalty regime coming in. I think we need to be careful to understand that if the fund has breached any of those rules that the penalty applies in whole. There is no part penalties there and I don’t think people will truly understand that.

Video Archive...

Super policy shifts and the retirement roadmap
15/11/2018  Saving for retirement is well catered-for within existing superannuation provisions, but the transition to pension mode isn’t as developed, says Vanguard’s Robin Bowerman.
Consumption drives investment not the other way around
09/11/2018  As Australia’s equity market nears its peak and share buy-backs hit unsustainable levels, investors need to also be mindful of rising interest rates and government policy, says Morningstar's Peter Warnes.
Switching up your SMSF for income
08/11/2018  There are still considerable benefits when switching your SMSF to drawdown phase, despite the complexities and potential political changes ahead, says SMSF Association’s Peter Hogan. 
SMSF paperwork crucial to avoid legal problems
02/11/2018  Recent SMSF court cases in Queensland highlight the importance of keeping your documentation in line, says lawyer Shane Ellis.
Will You Hit Your Projected Retirement Date?
03/10/2018  Many factors can impact when you can retire, so targeting a specific date to stop working may not be an ideal strategy. 
Retirement income: expectations versus reality
24/09/2018  Schroders' global head of retirement discusses how investors approaching retirement can fill the retirement income gap, and why professional advice is so important.
The importance of flexible retirement planning
14/08/2018  Building a contingency plan around when you intend to retire is better than setting a firm date ahead of time, according to a recent study from Morningstar's head of retirement research.
Why you need a retirement policy statement
25/07/2018  A document detailing your retirement plans – both in the lead-up and once you begin drawing on your savings – is a great idea, according to Morningstar's US-based director of personal finance.
VIDEO | Investors hoard cash at their peril, says JP Morgan
07/06/2018  When it comes to thinking about retirement, a survey of Hong Kong investors mirrors errors made by investors in the developed world at large: they are saving too little and relying too much on cash, says JP Morgan's Wina Appleton
Shifting laws not denting SMSF demand
01/11/2017  The advantages of a self-managed super funds continue to outweigh the negatives, even though frequent legislative changes add complexity, according to Natasha Fenech, CEO, SuperConcepts.
Superannuation not political football
19/10/2017  The politicisation of Australia's super system; greater uptake of income streams in retirement; and the policy alignment of aged care and retirement planning.
Earnings season FY17 mixed bag so far
18/08/2017  Aside from a few high-profile earnings guidance misses, large-cap stocks are doing okay as FY17 reporting season passes halfway, says AMP chief economist Shane Oliver.
Self-managed super is not Do-it-yourself
03/07/2017  There are a few common pitfalls in running a self-managed super fund that mean trustees shouldn't go it alone entirely, says BT Financial Group's head of financial literacy, Bryan Ashenden.
3 pockets of opportunity in fixed income
07/06/2017  The head of PIMCO Australia gives his views on active management in fixed income and tells us where he sees most value in this space.
No free lunch as fixed-income market shifts
07/04/2017  More difficult market conditions in a rising interest rate environment highlight the value of active management across your portfolio, says Simon Doyle, Schroders' head of fixed income and multi-asset.