Know About SMSF Tax Return And Lodging Process

Know About SMSF Tax Return And Lodging Process

When you are in Perth, Australia you need to file SMSF Tax Return at the beginning of every financial year. You need to file this yearly return once the audit of your SMSF gets confirmed. The fact is the amount of an SMSF tax return usually exceeds the amount of an income tax return. Filing an SMSF tax return has a number of associated advantages. These let you pay the SMSF supervisory levy on time, report about member contributions and super regulatory information etc.

What if your fund doesn’t have sufficient assets?

Some people want to lodge their SMSF tax return and their funds don’t have sufficient assets in the first year. If same is the case with you, then you won’t be able to file your SMSF return for that year.

When should you lodge SMSF Tax Return?

Prior to the lodgement of your SMSF tax return, you should know the appropriate time of doing it. In Perth, Australia, the due date is usually 28th February, just before the commencement of the financial year. If you are lodging for the first time, then, the due date is 31st October. It may be the case you simply missed out on lodging the SMSF tax return last year at proper time. So, in this regard, the due will also be 31st October.

When you lodge with a Tax Consultant in Perth?

Have you appointed a Tax Return Perth to lodge your SMSF tax return? If yes, then your tax consultant will tell you the due date after evaluating your SMSF thoroughly. In spite of this fact, the due date of lodgement for the first year will be 28th February. It may also happen that the lodgement of your SMSF tax return has to be reviewed by your tax consultant. If so, then the due date of your SMSF tax return would be 31st October.

How to lodge an SMSF Tax Return?

There are primarily two ways when it comes to the lodgement of your SMSF tax return. You can either lodge a return on a paper or electronically. If you lodge electronically, then, you will should download either a SBR integrated business software program or a machine credential. The former requires you to lodge a paper annual return. To do this, you have to download the SMSF annual return from the site where you are lodging. You also need to download the corresponding instructions along with that.

What about the funds without any assets?

Taxpayers whose funds have no assets won’t be allowed to lodge their SMSF tax return. The Australian Tax Office will not accept the lodgement of an SMSF from taxpayers whose funds have absolutely no assets. Your account balance even cannot cease while you lodge your SMSF tax return. Conversely, you can do the same only if your lodgement takes place in the year of your fund closure.

How long can your SMSF lodgement be deferred for?

The ATO has clearly stated that the lodgement of your SMSF can be deferred for maximum up to six weeks. The application for the deferral of your SMSF lodgement must be submitted by your Perth based tax consultant. Say for instance, the deadline to file your SMSF tax return is 15th of May 2020. Once your tax consultant applies for a deferral, you have a time for lodging for the next 6 weeks. This means that you will get time to lodge your SMSF tax return till 30th June. 2020.

When to hire a tax consultant in Perth?

With the onset of Covid-19, the ATO has also specified a particular deadline to hire your tax consultant in Perth. According to this, you must hire your tax consultant at least 45 days before the lodgement due date. This will give your tax agent adequate time to lodge you SMSF tax return impeccably.

What if you cannot lodge within the deadline due to Covid-19?

It may happen that your business has been inflicted due to the Covid-19 crisis to a great extent. As a result, you fail to file your SMSF tax return within the specified deadline i.e. 20th May, 2020. Then, you can request for an extension regarding your lodgement to the Australian Tax Office. You need to do this at least a fortnight before your SMSF lodgement due date ceases.

A boon for many businesses

We all know that the Covid-19 crisis has affected a number of businesses to a lot. So, the ATO has provided these exemptions in the lodgement due dates and requests for deferrals to all its taxpayers. Many of the Australian businesses have been benefitted by this like anything. Some of them are even labelling this decision by the ATO as a blessing for them.

Final thoughts!

So, hurry! Lodge your SMSF Perthtax return right now. Before that just think once that which is the best Tax Agent Near me and appoint one accordingly. This will allow you to file your SMSF tax return in the most successful manner.