Do you need to submit a late lodgement for your SMSF? If so, now is the time to do it.
The ATO is increasing their compliance activity and focus on timely lodgement. As a trustee of an SMSF, you are required to:
– Have financial accounts and statements prepared
– Have financial accounts and statements audited by an approved auditor
– Lodge your SMSF annual return every financial year
– Pay the supervisory levy
Failure to lodge your SMSF annual return in time can result in the loss of some SMSF tax concessions as well as penalties. If you have been putting off lodging your SMSF tax return, it is important to make a genuine effort to meet your obligations. If you realise that your SMSF may have become non-complying then it is critical to take action. Our team can help you meet your obligations and work with the ATO to rectify any breaches.
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Article by Carol Allan
Carol is a Senior Accountant at Insight Accounting advice. She is a registered tax agent, has a Bachelor of Commerce and Advanced Diploma in Accounting. Carol’s areas of expertise include tax and property advice.
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- Why Buy an Investment Property With Your SMSF?
The information in this document reflects our understanding of existing legislation, proposed legislation, rulings etc as at the date of issue. In some cases the information has been provided to us by third parties. While it is believed the information is accurate and reliable, this is not guaranteed in any way. Any advice in this publication is of a general nature only and has not been tailored to your personal circumstances. Please seek personal advice prior to acting on this information.