We do more than just handle tax returns. We also coordinate the SMSF audit process with an independent auditor. This ensures your fund’s financial activities fully comply with the law. Whether it’s dealing with superannuation guarantees, employer contributions, or sorting out complex issues like the supervisory levy and taxable income, we provide the expert advice you need.
By choosing to work with us, you’re ensuring your SMSF’s tax and accounting compliance is managed wisely. This leaves you to concentrate on reaching your financial goals.
How TMS Financials Can Assist with Your SMSF Annual Return
Here’s what we offer to support you in preparing and lodging your SMSF annual return:
Setting up your SMSF
A knowledgable SMSF accountant can ensure your fund is set up to be eligible for tax concessions, ready to receive contributions, and structured for straightforward management.
Handling an SMSF requires significant time and effort. An experienced SMSF accountant can minimise this burden and help keep your fund in compliance with Australian taxation law.
Understanding your SMSF annual return requirements
Reviewing your financial records
Navigating the lodgement process
Handling the paperwork and deadlines
SMSF audit
Annual individual tax return
Navigating SMSF tax returns
Lodge your SMSF Tax Return with TMS Financials
We’re an Australian tax accounting firm with 30+ years of experience serving business owners and investors. Our reputation for reliability and exceptional client service is built on providing accurate financial advice and asset protection. We remain committed to serving our clients with integrity, professionalism, and quality, and have the expertise to help you succeed.
TMS Financials is online now
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INDUSTRY ASSOCIATIONS
TMS Financials is a proud member of the following
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Eng Sivieng
Principal of TMS Financials
We strive to build long-term relationships with our clients and to be a trusted advisor for all their financial needs.
Optimising Tax Strategy for Your SMSF
Key Lodgement Due Dates for SMSF Tax Returns
For established SMSFs that are either in their first year with a tax agent, or had previously been marked as ‘Return Not Necessary’, but are now required to lodge, the deadline is 28 February. This applies to returns for the financial year that concluded on the previous 30 June. Your tax agent will provide the precise due date tailored to your fund’s specific circumstances, adhering to the ATO’s stipulated lodgement dates.
SMSF Tax Return Penalties
Failure to Lodge on Time (FTL) Penalty
Interest on Late Payments
FAQs on SMSF
How much do I need in my super to start an SMSF?
Is an SMSF right for me?
Deciding if an Self Managed Super Fund is suitable depends on your financial situation, goals, and desire for control over your investments. SMSFs involve significant ongoing costs, such as accounting, auditing, legal, and advisory fees. Given the implications of poor financial advice on your retirement savings, it’s crucial to engage a reputable professional. For many, a regular industry super fund might be more beneficial and cost-effective. We recommend consulting a professional before deciding to set up an SMSF.
What can an SMSF invest in?
What is a non-concessional contribution?
Non-concessional contributions are voluntary, post-tax income deposits into your super fund, not taxed within the fund since the income used has already been taxed. It’s vital to stay within the annual caps to avoid extra taxes. For detailed information, consider reading our article on Non-Concessional Super Contributions.
What is the bring forward rule and how does it work?
The bring forward rule allows you to make up to three years’ worth of non-concessional contributions to your super in a single year, subject to certain conditions, such as age and previous contributions. This can help accelerate your super savings, but requires careful planning to avoid excess contributions, which could attract additional taxes. For a comprehensive understanding, check out our guide on maximising your super contributions with the bring forward rule.
Contact us today for a consultation.
Contact us today to learn more about how our accounting services can benefit your business. We look forward to hearing from you and helping you achieve financial success!