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Did you know your SMSF could have a 31 October lodgement deadline?
If you have lodged your SMSF’s Tax Return directly with the ATO, rather than through a registered tax agent, your lodgement deadline will generally be 31 October each year. However if you lodge through a registered tax agent, you could defer this lodgement date to as late as 15 May the following year.
For those of you who prepare your own accounts, this could provide some of the following real benefits:
- assist in taking the “rush” out of lodgement deadlines;
- avoid late lodgement penalties;
- avoid General Interest Charges (this is the interest the ATO charges on outstanding tax liabilities, and is currently charged at 9.63%); and
- help you to manage your SMSF’s cash flow requirements.
Double check with your accountant the lodgement date for your SMSF
SMSF’s are required to lodge an annual return each year. Generally, your SMSF will have the same lodgement date as last year, though there are certain circumstances that can lead to it being brought forward.
The most common situation we see is through repeat late lodgements. Where your lodgement is late for several consecutive years, the Tax Office may change your lodgement deadline to an earlier date. This can be as early as 31 October, only 4 months after financial year end. If your SMSF has a history of lodging after the deadline, it may be worth checking when your return is due.
If you find that your fund has been given an earlier lodgement date, all is not lost. Lodging on time this year may allow your fund to access the deferred lodgement date for future years, while also avoiding lodgement penalties.
Here are some simple suggestions for getting your SMSF back on track:
- contact your fund administrator to confirm your SMSF’s lodgement date;
if your SMSF has a 31 October or 31 March lodgement date, request a list of information your SMSF administrator will require to complete the compliance work;
- ensure you provide all information to your administrator at least four weeks prior to the lodgement date and respond to any queries from your administrator quickly;
- lodge (and pay any liability) by the due date! This is the key step to regaining favour with the Tax Office; and
- have your tax agent request a later lodgement date for the following year.
These steps appear simple to follow and the good news is, they are. Even better news is that the benefits of following them avoids any unnecessary drains on your SMSF balance through late fines, General Interest Charges and deferring the payment of tax as late as possible.
At iSUPER®, we’re all about helping you maximise your superannuation savings!
Remember, there are still 6 weeks until the 31 October lodgement deadline so it is not too late to have your accounts and tax return prepared and lodged on time.
If you need assistance in maintaining your timely lodgement, give one of our team a call to discuss how we can help.