SMSF Tax Return and Audit:

At Investax, we offer comprehensive assistance in lodging the annual Self-Managed Superannuation Fund – SMSF tax return and preparing the necessary paperwork for the auditor to audit the fund. we leverage state-of-the-art compliance software to prepare your Self-Managed Superannuation Fund (SMSF) tax return. Our advanced software ensures accuracy, efficiency, and adherence to the ever-changing compliance regulations. 

SMSF Tax Return and Audit
STEP Tax Return Lodgement

Our team of experts specializes in SMSF taxation and will prepare and lodge your SMSF’s annual tax return accurately and in a timely manner. We ensure that all the necessary information and documentation are properly organized and submitted to meet the Australian Tax Office (ATO) requirements.

STEP Compliance Support

We stay up to date with the ever-changing SMSF compliance regulations to ensure your fund meets all the necessary obligations. Our team will guide you through any regulatory changes and assist you in maintaining compliance throughout the audit process.

STEP Document Preparation

We handle the preparation of all the required paperwork and documentation for the auditor’s review. This includes financial statements, member statements, investment reports, and any other relevant documents necessary for the audit.

STEP Auditor Collaboration

We work closely with reputable SMSF auditors who specialize in conducting independent audits of SMSFs. We provide the auditor with all the necessary information and support, ensuring a smooth and efficient audit process.

STEP Resolution of Audit Queries

In the event of any queries or issues raised during the audit, we act as the liaison between you and the auditor. Our team addresses any concerns and provides the necessary information or documentation required for the audit to proceed smoothly.

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Frequent Asked Questions
Got questions? Well, we’ve got answers.
Does an SMSF require a tax return?

Yes, an SMSF (Self-Managed Superannuation Fund) is required to lodge an annual tax return with the Australian Taxation Office (ATO). The tax return for an SMSF is known as the Self-Managed Superannuation Fund Annual Return (SMSFAR) and is submitted to report the fund’s financial activities, income, expenses, contributions, and deductions. It is an essential compliance requirement, and failure to lodge the annual tax return on time can result in penalties and the potential loss of tax concessions. SMSFs must also undergo an annual audit by an independent auditor as part of the compliance process.

When is the deadline for lodging an SMSF tax return?

The deadline for lodging an SMSF tax return is typically 28 February following the end of the financial year. However, SMSFs with a registered tax agent may have extended deadlines, which can vary. It’s essential to consult with your tax agent and ensure timely submission to avoid penalties.

Do I need to lodge a tax return for the Bare Trust?

In most cases, a Bare Trust itself does not generate income or require the lodgement of a separate tax return. Instead, the income and tax obligations associated with the assets held in the Bare Trust are attributed to the beneficiary of the trust. The beneficiary is responsible for including any income earned from the trust’s assets in their own tax return. It’s essential to consult with a tax professional or legal advisor to ensure compliance with tax regulations and understand any specific reporting requirements related to the Bare Trust.

What are the key components of an SMSF audit?

An SMSF audit is a comprehensive review of the fund’s financial records, transactions, and compliance with superannuation laws. Key components include verifying the fund’s financial statements, assessing investment strategies, confirming contributions and benefit payments, checking for compliance with regulatory limits, and ensuring proper record-keeping. The audit also examines the fund’s compliance with the sole purpose test, the in-house asset rules, and other legal requirements.

How often does an SMSF require an audit?

An SMSF must undergo an annual audit by an independent auditor. This audit is conducted at the end of each financial year and is a mandatory requirement to ensure compliance with superannuation laws and regulations.

What documents do I need to provide to the auditor for a Limited Recourse Borrowing Arrangement (LRBA)?

When engaging an auditor to review an LRBA within your Self-Managed Superannuation Fund (SMSF), you should provide a comprehensive set of documents for examination. The exact requirements may vary depending on your specific LRBA and fund’s circumstances, but generally, you should include: Loan Agreement, Bare Trust Deed, property title deed, current market value of the property, lease agreement etc.

What is the age requirement to start an SMSF pension?

The age requirement to start an SMSF pension depends on the type of pension. For an account-based pension, the member must have reached their preservation age, which is currently between 55 and 60, depending on the member’s birthdate. For a transition to retirement income stream (TRIS), the member can commence the pension once they reach their preservation age, even if they are still working.

Are SMSF pension payments taxable?

The tax treatment of SMSF pension payments depends on various factors, including the member’s age and the components of the pension payment. Generally, pension payments received by members aged 60 and over are tax-free. Members aged between their preservation age and 59 receive a tax offset on their pension payments. However, tax may apply to certain components of the pension, such as taxable elements in the payment.

Trust the Leading SMSF Tax Return and Audit Specialist. Contact us today to discover how we can assist you.
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