Self Managed Superannuation Fund Tax Return

Effortless Self-Managed Super Fund Lodging

Managing your self-managed superannuation fund can be a daunting task, especially when it comes to lodging your tax returns. With the Australian Taxation Office (ATO) expecting accuracy and compliance, it is important to have a highly experienced registered tax agent who understands the complexities of the system, especially the compliance aspect. This is where Wistax comes in. As the leading accountant and registered tax agent in Inner West Sydney Ashfield and Belrose Northern Beaches, we can help you manage your self-managed superannuation tax return, ensuring compliance with SMSF auditor requirements and timely lodgement.

It is important to note that the due date for lodging your self-managed superannuation fund tax return is 31 October. Failure to lodge on time can result in serious consequences, including your fund losing its concessional status and potentially incurring penalties. Therefore, we highly recommend seeking our professional assistance to ensure that your tax return is done accurately and within the due date.

WISTAX's Expertise in Self-Managed Superannuation Fund Tax Returns

At WISTAX, we understand the importance of compliance when it comes to self-managed superannuation funds. We have combined 42 years of experience in managing self-managed superannuation fund tax returns, including ensuring compliance with the ATO’s requirements and meeting auditor expectations.

Our team of expert CPA accountants and registered tax agents will assist you in preparing your self-managed superannuation fund tax return, ensuring that all necessary information is included and that the return is lodged on time. We will guide you through the entire process, from reviewing your financial statements and ensuring compliance with tax laws to submitting the return to the ATO.

We will ensure that if your Self Managed Superannuation Fund has loan out, we will record those loan correctly.

Furthermore, we understand the importance of accurate reporting and can help you avoid common mistakes that can lead to penalties or even the loss of concessional status. We will also assist you in identifying any potential tax deductions or credits that you may be eligible for, ensuring that you are not overpaying on your tax return.

Why Choose WISTAX for Your Self-Managed
Superannuation Fund Tax Returns?

Choosing WISTAX as your accountant and registered tax agent for your self-managed superannuation fund tax return has numerous benefits. Firstly, our team of experts is highly experienced in managing self-managed superannuation funds and understands the complexities of the system. We will ensure that your tax return is accurate, compliant, and lodged on time.

Secondly, we offer personalized service and will work closely with you to understand your unique taxation situation. This allows us to provide tailored advice and ensure that you are getting the most out of your self-managed superannuation fund.

Thirdly, we are committed to providing transparent and fair pricing for our services. We understand that managing a self-managed superannuation fund can be costly, which is why we price our services competitively and offer a range of payment options to suit your needs.

Let us help you to lodge your Self Managed Superannuation Fund​

If you are a trustee of a self-managed superannuation fund, it is important to ensure that your tax return is lodged accurately and within the due date. Failure to do so can result in serious consequences, including the loss of concessional status and potential penalties. At WISTAX, we understand the complexities of managing self-managed superannuation funds and are committed to ensuring compliance and accuracy when it comes to lodging your tax return. Contact us today to learn more about how we can help you manage your self-managed superannuation fund tax return.

Frequently Asked Questions
about Self Managed Superannuation Fund

What legislation governs Self-Managed Superannuation Fund?

The legislation which governs or regulates the Self-Managed Superannuation Fund would be SIS act 1993. 

Does Self-Managed Superannuation Fund need to apppoit an auditor to audit the fund, before the fund is lodged to the ATO?

Yes. When lodging a self-managed superannuation fund, it is necessary to engage an independent registered SMSF auditor to audit the tax return. The audit would assess compliance with Superannuation Industry (Superannuation) Act 1993 and its associated regulations (a compliance audit) and verify financial statements (a financial audit). Once the auditor gives an unqualified opinion on the SMSF tax return and financial statement, then the accountant needs to obtain and sight the audit letter and put the auditor number in the SMSF tax return before lodging the tax return.

When is the due date for lodgement for newly set up SMSF?

For the newly set up SMSF, the due date for lodgement if they do not have a registered tax agent would be 31 October of the calendar year. If the SMSF appoints a registered tax agent to assist them to lodge the return, then it will be 28 February of the next calendar year.  

Can SMSF lend money out?

Under the SIS act 1993, SMSF can not lend money out, unless they are in the lending business. If the trustee of the SMSF lends money out, then it would be a breach under the SIS act 1993. 

Can Self-Managed Superannuation Fund borrow money?

Under the SIS act 1993, Self-Managed Superannuation Fund can only borrow in very limited circumstances. If the Self Managed Superannuation Fund wants to buy property and borrower money, borrowing using instalment warrants or limited recourse borrowing arrangements that meet certain conditions. 

How many members can join the Self-Managed Superannuation Fund?

No more than 6 members can join the Self-Managed Superannuation Fund. Those 6 Members would be the trustees to the Self-Managed Superannuation Fund.  

How can the trustees of the Self-Managed Superannuation Fund be structured?

The trustees of the Self-Managed Superannuation Fund can be structured either individually or through a corporate trustee, where the Indvidual would become members and also directors of the company.