Mint Super Audits understands your anxiety as the time for lodge a self-managed superfunds (SMSF) approaches. As a result, we have focused our work to simplifying the process to improve your confidence within this field.
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Electric or Paper?
There are two options for you to file your return, and because we understand how difficult it can be to select which method to choose, we have decided to list them here in a simple fashion to help you understand.
Electric Lodge:
- Processed through Standard Business Reporting (SBR)
- Eligible if you are a digital service provider with cloud based SBR-enabled software
- Eligible if corporate software is hosted locally or on-premises.
- Required to install Machine Credentials if not using cloud based SBR-enabled software
- Required to access SBR-enabled business software, such as:
- Xero Tax
- SuperMate
- Class Application
- Simple Fund 360
- Catsoft Taxcat
Paper Lodge:
- Downloading SMSF annual returns and SMSF annual return instructions for the relevant year is required.
- Complete and return through post to:
- Australian Taxation Office
- GPO BOX 9845
According to subsection 35B(1) of the SIS Act, failing to comply can result in an administrative penalty of 10 units, could cost you $5,500 with two trustees or $16,500 for 6 individual trustees, if you fail to compile and submit accurate accounts and statements.
What is the penalty for failure to lodge SMSF?
If you miss the deadline, fret not as you have up to two weeks before the compliance status of the fund is changed to “Regulation Details Removed” on the Super Fund search website. However, once overdue, you will be ineligible to receive contributions from employers and existing rollovers.
In addition, the Superannuation Industry (Supervision) Act of 1993 holds individual trustees and directors personally accountable for the penalties. Moreover, if there are individual trustees, each trustee will be responsible for the penalty amount, whereas a corporate trustee will only be subject to a single penalty.
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For those who registered their SMSF prior to the 2022 income year with the help of a tax professional, please contact your tax agent as soon as possible to verify that they are an authorised representative of your fund, as this scenario calls for urgent action. Ensure you file the SAR by either May 15th or June 5th, 2023 to avoid penalties.
Once you’ve confirmed this with your tax professional, (1) appoint an auditor at least 45 days before to your filing deadline and (2) value your assets of fund at market value.
Chat with an SMSF specialist – today!
As a trustee, you know how important it is to stay on top of your SMSF’s compliance requirements. With so many rules and regulations to keep track of, it can be overwhelming. At Mint Super Audits, our team of trusted superannuation experts can help you navigate the complex world of SMSF compliance.
Please don’t hesitate to get in touch with us. We will guide you through the process of reinstating your ‘complying’ status.
To find out how our SMSF Specialist can help, just give us a call today to find out how we can help.
