A tax date with your SMSF

Christine St Anne  |   02/06/2014 Text size  Decrease  Increase   |  
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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.

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