Self Managed Superannuation Funds

Posted by Gemma Hill April 7, 2016

Self Managed Superannuation Funds - Annual Compliance

2015 Tax Returns

If you are a Self Managed Superannuation Fund (SMSF)  trustee or director of a corporate trustee you would be aware that there is an annual requirement to lodge an income tax return. For all SMSF's other than first year funds or those which failed to meet their lodgement obligations in 2014, the due date for your 2015 Income Tax Return is 16th May 2016.

Failure to lodge your SMSF annual return by the due date can result in penalties and the loss of your SMSF’s tax concessions.

In order for Wards to assist you in meeting this lodgement deadline, please forward your Fund information to our office as soon as possible. Please ensure you include the following records where relevant for the period 1/7/14-30/6/15:  

          - All Bank and loan statements

          - Investment purchase and sale records

          - Investment income and expense records such as dividend and rental statements

          - Contribution and pension information

 

If you use the services of a financial adviser, they should be able to assist in providing the appropriate documentation.

2016 Tax Returns

For the 2016 financial year , now  is the time to review your contributions and pensions to ensure they comply with the appropriate standards.

Contributions

Concessional Contributions are before tax superannuation contributions including Super Guarantee, Salary Sacrifice and self-employed member contributions where permitted. 

 

For the 2015/2016 year, there are 2 annual concessional contributions caps you need to be aware of when considering before-tax contributions:

 

  • $30,000 cap for anyone aged 48 or under as at 30 June 2015.
  • $35,000 cap for anyone aged 49 years or over as at 30 June 2015.

 

Non-concessional contributions are after tax contributions.

 

For the 2015/16 year the non-concessional cap is $180,000. 

 

In some cases you may access a '3 year bring forward' rule allowing this cap to be $540,000.

 

Pensions

 

If a member of your SMSF is in pension mode they are required to withdraw a minimum aged based pension percentage every year. This percentage is applied to the pension members balance as at 1 July each year or the member balance when the pension commences. If a member has a transition to retirement pension they also have a maximum pension withdrawal of 10% per year. Below are the pension requirements which must be met:

 

Age

Percentage of account balance

Under 65

4%

65-74

5%

75-79

6%

80-84

7%

85-89

9%

90-94

11%

95 or more

14%

 

Age is either at:

  • 1 July in the financial year in which the payment is made
  • the commencement day if that is the year in which the pension commences.

 

If you have any questions regarding your SMSF's lodgement, require confirmation of your minimum or maximum pension requirement or have any other enquiries please do not hesitate to contact  our office on 4655 9247 or lodge an enquiry through our website.

 

The above information has been prepared without taking into account your objectives, financial situation or needs. Because of this, you should, before acting on this information, consider its appropriateness, having regard to your objectives, financial situation or needs. Wards Accounting Group Pty Ltd (ACN 105 280 831) ABN 32 105 280 831  is a Corporate Authorised Representative of Merit Wealth Pty Ltd ABN 89 125 557 002, Australian Financial Services Licence Number 409361

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