Managing SMSF Tax Return with SMSF Accountant

The Self-Managed Super Fund (SMSF) is essentially a trust that is registered with the Australian Taxation Office (ATO) for the provision of retirement to its members with the concession SMSF tax rate of 15%. Or, simply put, like other superannuation funds, it is a way of saving for your retirement.

The SMSF tax return is lodged every year. The self-managed super fund accountants help the members to furnish the SMSF returns after furnishing details of all the applicable levies, income, contributions and any other information required under the regulation.

This appropriately furnished SMSF accounting statement is then presented to the ATO as the legal requirement of lodging the SMSF tax return by the SMSF accountant.
Generally, SMSF income type is popular among people who wish to have flexibility in their superannuation assets investments such as in the real estate industry. However, due to frequent changes being made to the SMSF regulations, preparing the SMSF statement can often be cumbersome. So, it is always better to consider the assistance of a professional SMSF accountant.

How and when is SMSF tax return audited?

Generally, to lodge and pay the SMSF tax return the following due dates are applicable:

  • 15 May of every financial year is the due date for filing the SMSF audit and tax return, unless otherwise stated by ATO for those who prefer doing this on their own
  • If the payee lodges the self-managed super fund return with the assistance of a tax agent or SMSF accountant, then the due date will be decided under the tax agent lodgement programme

In case, you are lodging your first annual SMSF tax return, then the due dates are:

  • If you are planning to lodge the SMSF tax return on your own, you must do so by October 31 after the end of the first financial year
  • In case you are considering to take assistance from a tax accountant, you will have to lodge the SMSF return by February 28 if you are a newly registered SMSF. For future years, you will be required to lodge by 15 May, unless otherwise stated by the ATO.

Please note that as the administration follows a process of strict compliance for the purpose of furnishing and presenting the SMSF returns, expert help is always recommended. Here, at Accountant Perth WA, we have experienced agents to offer legitimate SMSF accounting services.

Benefits of Hiring SMSF Accountant Perth for SMSF Tax Return

While considering the reasons and advantages of hiring an SMSF Accountant Perth, you can be assured of the following benefits:

  • An SMSF tax return accountant is registered with Australian Taxation Office (ATO), and audits the SMSF return reliably and accurately
  • 24*7 access to your Xero account, accessible from any internet enabled device.
  • Since regulations around SMSF compliances are ever-changing, an SMSF accountant in Perth helps you avoid mistakes or paying penalties for missing out on any updated norms
  • The SMSF trustees are spared the time consuming and confusing task of SMSF accounting. A professional can produce the tax return statement more reliably and securely as well as save you from paying a hefty penalty
  • Even if your SMSF assessment involves complicated and heavy accounting, you needn’t worry as your tax assessment will be done in the most appropriate manner and in lesser time by the registered tax accountant
  • Being mindful of all the applicable deductions and claims, an SMSF tax accountant can produce a transparent and fair assessment for your tax return statement

To get a first-hand experience of the benefits of hiring an SMSF accountant in Perth, get your accounts assessed by our team at Accountant Perth WA.

Need Professional Help With Account Services?

  • Extremely happy to work with the team at Accountant Perth WA. They understood the issues and provided prompt advice regarding my personal tax returns and made sure the returns correlated with the Superfund that I manage. The tax agent here was very professional, efficient as well as friendly, and responsive. They made the whole process easy and convenient from start to finish. They even help us to lodge tax returns within the stipulated timeline. We will definitely recommend Accountant Perth WA to anyone who wants to have tax advice & tax return service in Perth, Australia.
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