The compliance requirements for SMSFs are extremely stringent, and it is important for trustees to be acutely aware of their responsibilities.
Of course, Tactica Partners is here to help you out, with the information below giving you a robust understanding of your SMSF’s reporting requirements.
Withdrawing minimum pension
SMSFs that do not distribute minimum pensions to members who are in pension phase may face hefty tax penalties. If a member of your SMSF has recently reached pension phase or you are at all unsure as to what your minimum pension amount is, please do not hesitate to contact our office.
All of the contributions that have been recorded for your SMSF need to be deposited in the SMSF’s bank account by no later than June 30 2015. This is especially important where members have reported concessional or nonconcessional contributions.
If you are eligible to split your superannuation contributions then you may be able to make some savings on your tax bill come June 30.
This is especially true where your spouse is a low-income earner. However, even if your spouse is not a low-income earner, there are other advantages to splitting income between accounts, for example, increased income flexibility in retirement.
Please Note: Many of the comments in this article are general in nature and anyone intending to apply the information to practical circumstances should seek professional advice to independently verify their interpretation and the information’s applicability to their particular circumstances.
Mark has helped us immensely to understand our financial position, these guys are not just tax agents, they fully understand all aspects of business.
Daniel and his team at Tactica Partners have been taking care of me, my family and my company's accounting needs and I highly recommend him and the team. They've made getting tax done so easy and Daniel is an amazing accountant and extremely thorough and helpful.
…very professional, well prepared and organised. They have given us great business and personal tax advice, offered us good business insights, and more general personal planning advice too.
They continually deliver on all aspects of their service offering. …..we appreciate the substantial assistance they have provided in managing our bookkeeping function and providing proactive tax and accounting advice. We value their ongoing input in helping us strive for continual improvement on our reporting processes and delivery of timely information to our US office.
At last! An accountant who has "not" had a totally successful charisma bypass operation! Sensible and knowledgeable advice. Excellent!
Mark H and Helen have given us wonderful support for our family and business accounting for several years now. When I got my first invoice I grumbled……. not now. We can see the savings and feel the security for ourselves.