SMSF Tax Returns
SMSF Tax Return Services
A self-managed superfund (SMSF) offers flexibility and control over your retirement savings, but managing SMSF tax return services can be complex.
At Rise Accountants, we simplify the process, ensuring your SMSF annual return and compliance obligations are handled with care and accuracy.
Whether you’re just starting out and searching what is SMSF, or you are managing an established self-managed superannuation fund, understanding the tax on self-managed super funds is vital for compliance and financial efficiency.
Read on to discover how we handle SMSF tax returns, compliance and more for our SMSF clients.
Book a no obligation, complimentary 15 minute Discovery Call with Rise Accountants today.
"Ash, Tyler and Korey have been fantastic in helping us both with our personal and SMSF accounting. Love everything being via digital service - but if you have a question, they're more than happy to jump on the phone to have a chat. Cannot recommend them highly enough! Thanks team."
Alicia
What is an SMSF tax return?
An SMSF tax return is an annual lodgement required by the ATO for all Australian self-managed super funds. It summarises the fund’s income, expenses, contributions, and tax payable.
Additionally, trustees must ensure their fund complies with the concessional SMSF tax rates of 15% for income earned in the accumulation phase.
Key aspects of an SMSF tax return
Income and SMSF Capital Gains Tax
You wil need to report on investment income and calculate the SMSF capital gains tax.
SMSF Deductions
You can claim allowable expenses, such as administration and SMSF accounting services fees.
GST and SMSF
Funds registered for GST must include relevant activity in their returns.
Trustees must also meet other obligations like submitting an SMSF annual return, ensuring SMSF audit requirements, and providing an SMSF actuarial certificate when necessary.
Common questions qbout SMSF tax returns
What is the SMSF tax rate?
The concessional SMSF tax rate is 15% on income earned in the accumulation phase. However, the tax on pensions and exempt current pension income (ECPI) is 0% in the retirement phase.
Is an SMSF return necessary?
Every SMSF must lodge an SMSF return, even if the fund hasn’t earned income during the financial year. If the fund has not started you can lodge a 'Return Not Necessary' for the fund to tell the ATO the fund isn’t required to lodge the full tax return.
How do I lodge an SMSF tax return?
Lodging a tax return for a self-managed super fund Australia involves reporting all income, deductions, and contributions. There are many special rules and complexities for Super Funds, but the Team from Rise Accountants can help with this.
What is the tax on SMSF capital gains?
Complying Super Funds are intitled to the SMSF capital gains tax discount of 1/3 assets held longer than 12 months.
Does my SMSF need to register for GST?
An SMSF must register for GST if its turnover exceeds $75,000 per year, typically through commercial property rentals. Trustees must consider SMSF and GST obligations in their compliance strategy.
What happens if I miss the SMSF tax return deadline?
The ATO may impose financial penalties and additional scrutiny on late lodgements. In severe cases, the fund’s compliance status may be affected.
Looking for an SMSF Tax Accountant?
Rise Accountants Can Help
At Rise Accountants, we specialise in managing the tax and compliance obligations of self-managed super funds.
Whether you’re setting up an SMSF or handling annual reporting, our team of SMSF accountants ensures your fund is in safe hands.
Our SMSF Tax Services
Tax Return Preparation
We handle your SMSF tax return services, ensuring accuracy in reporting and timely lodgement.
GST and BAS Lodgement
We manage GST registrations and lodgements for funds with SMSF property investments or commercial rentals.
Audit Coordination
Our team liaises with independent SMSF auditors to streamline the compliance process.
Tax Optimisation
With expert guidance, you can maximise SMSF tax benefits and reduce tax on SMSF income.
Ongoing Compliance
From managing SMSF administration to providing electronic service address for SMSF (ESA SMSF), we cover all bases.
Why choose us for your SMSF Tax Services?
With years of experience in taxation, Rise Accountants help trustees navigate the complexities of SMSF tax. Our Brisbane accountants who are CPAs and experienced SMSF accountants are here to support you every step of the way.
Contact Us Today
Managing your SMSF tax return doesn’t have to be stressful. At Rise Accountants, we’re committed to simplifying your tax and compliance needs, so you can focus on the benefits of SMSF and growing your wealth.
Contact us to learn more about how we can help or book a free 15-minute Discovery Call today.
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Read more in our Complete Guide to
Australian Self Managed Super Funds
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