SMSF Tax
Deadline for lodgment of all tax returns is fast approaching ...additional care with your SMSF tax return
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As a client of a registered accounting firm such as Awesum Accounting the extended due date for lodgment of tax returns is 15th May 2024 for the 2023 financial year. [with some notible exceptions in your first year of lodging ie when you set up a self-managed fund and / or if you are a self-preparer ie you undertake the prepration of your own super fund tax return] If you have not already had your returns done now is the time to get your inforamtion together and make an appointment as late lodgment penalties may apply and are $1,220 per return.
It should also be carefully noted that all SMSF's are required to be Audited and that trustees and directors are required to ensure that the Auditor has been engaged a minimum of forty-five [45] days prior to the published or legislated date for the tax return.As the reporting for SMSF's is constantly changing it is essential that we work closely with our trustees to ensure they are able to meet all the requirements of the SISA and SISR. By using specialised BGL 360 software for our SMSF clients we are able to provide real time data on the progress of your fund and ensure that everyone is aware of and understands the implications of the many recent and ongoing changes affecting your precious retirement savings.
