SMSF Tax Return Services - TMS Financials

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How TMS Financials can help

Lodge your SMSF returns with TMS Financials

Penalties to avoid

At TMS Financials, we understand the significant responsibility you carry as a trustee of a Self Managed Superannuation Fund (SMSF). Ensuring your SMSF tax return is accurately lodged is crucial. This process goes beyond just documenting income and expenses. It includes making sure you meet all the rules set by the Australian Taxation Office (ATO), especially around contributions, investments, and distributions.

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

At TMS Financials, our primary goal is to streamline the process of managing your Self Managed Superannuation Fund. We focus on making sure everything is compliant and stress-free for you.

Here’s what we offer to support you in preparing and lodging your SMSF annual return:

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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.

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Understanding your SMSF annual return requirements

A Self Managed Superannuation Fund (SMSF) operates similarly to other super funds, but as a trustee, you carry the full responsibility for its management, including investment choices and legal obligations. We start by evaluating your SMSF’s specific requirements, considering the nature of your fund and all related financial activities to ensure compliance with tax laws.

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Reviewing your financial records

Our experts thoroughly review your SMSF’s financial records to ensure all details related to income, contributions, and investments are accurate and complete. Accurate reporting of contributions is critical for your SMSF tax returns.

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Navigating the lodgement process

We guide you through each step of preparing and lodging your SMSF tax returns. We’ll address any special considerations specific to your fund to ensure the process is clear and straightforward.

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Handling the paperwork and deadlines

Our team assists in preparing your SMSF annual return and ensures it’s submitted to the ATO on time. This helps you avoid any penalties for late submissions.

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SMSF audit

We collaborate with a leading SMSF audit firm. As your registered tax agent, we manage the financial statements for your SMSF annual return, but do not conduct the audit ourselves. Instead, we engage an independent SMSF auditor to complete this task.

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Annual individual tax return

We offer comprehensive support by also assisting with your personal income tax returns. Whether you are accumulating or drawing a pension, your SMSF annual return affects your personal tax situation.

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Navigating SMSF tax returns

Our team is ready to help you manage the complexities of SMSF tax returns, ensuring you meet all requirements set by the Australian Taxation Office. From annual returns to managing taxable income and contributions, we ensure you understand your responsibilities as a trustee or member of an SMSF. If you need a financial adviser, we can connect you with someone well-suited to your unique needs and circumstances.

Lodge your SMSF Tax Return with TMS Financials

Our team at TMS Financials specialises in providing personalised tax solutions tailored to your unique situation. We can help you navigate through the complexities of tax planning, identify the most effective strategies for your situation, and ensure you maximise your tax savings.

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.

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We are a Sydney based tax accounting firm servicing clients Australia wide online since 1993

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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

Effective management of a Self Managed Superannuation Fund (SMSF) requires careful strategic planning, especially in the area of taxation. Our approach involves a thorough examination of your fund’s financial transactions to pinpoint areas where efficiency and compliance can be enhanced. Whether you’re a trustee or a member, our goal is to simplify the tax return process for your SMSF. This allows you to focus on achieving your fund’s objectives while ensuring accurate and prompt compliance with tax laws.

Key Lodgement Due Dates for SMSF Tax Returns

For new SMSFs, as well as those that did not lodge in the previous financial year and have outstanding annual returns, the critical lodgement deadline is 31 October, or the following business day if this date falls on a weekend or public holiday. This deadline applies whether you are lodging the tax return yourself or through a tax agent. Note that the Australian Taxation Office (ATO) may specify a different due date for returns lodged by a tax agent following a review.

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.

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Streamlined Process

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SMSF Tax Return Penalties

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Failure to Lodge on Time (FTL) Penalty

Late lodgement penalties are measured in ‘penalty units’. The penalty starts at one unit for each 28-day period, or part thereof, that the return remains unlodged. Depending on the size of the entity, penalties can escalate to as much as five units. Each penalty unit currently costs $222, ensuring that fines are scaled according to the size of the entity and the length of the delay.

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Interest on Late Payments

Should your tax return be overdue, it’s crucial to lodge it promptly to avoid additional interest charges on any late payments. Typically, the ATO expects payment within 21 days of the lodgement deadline. For example, if the lodgement deadline was 31 October, the payment would be due by 21 November, irrespective of when the return is actually lodged. Delaying beyond this date can result in accruing interest, adding to the total amount you owe.

FAQs on SMSF

How much do I need in my super to start an SMSF?

While there’s no set minimum balance required to start an SMSF, the effectiveness of running one depends on your balance due to associated costs. Typically, having a balance of $250,000 or more is considered cost-effective when compared to other super fund types. Costs for managing an SMSF include the annual supervisory levy, accounting, independent auditing, and potentially financial planning fees if you hire a financial adviser to oversee your investment strategy.

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?

Self Managed Super Funds provide a platform for potentially greater returns, but they also come with higher risks. As a trustee, you have the freedom to devise and follow your own investment strategy. You may also opt for professional guidance by engaging a financial adviser. We maintain strategic partnerships with top financial planning firms in Sydney and can connect you with a suitable adviser, tailored to your investment phase, whether it’s accumulation or pension.

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!