- there is more to a smsf than just an 'annual audited tax return' - the fund will require a set of financial statements to be prepared and audite and once audited, the tax return can be lodged
tax reporting will be governed by the nature of the fund operations
- a generic fund say holding shares, cash and fixed interest (and engaging in some trading) will more than likely only report tax annually - ie tax instalment paid once a year and the balance of under / over when the return is lodged (funky credits can be applied against cont'n tax - gotta luv share buybacks in super)
- if the fund is registered for gst (in most cases, only do this if commercial property rent is +75k) then yes, you will have quarterly reporting (in many cases a full blown bas isn't required - you may be able to pay the ato's notified instalment and adjust for under / over provision to actual annual)
- quarterly tax instalments generally required if prior year tax is +8k
- there's not too many 'trading trust smsf's' so that extra reporting burden only applies to a minority
- although it seems a bit complex and there are several variations to the above, it's not difficult at all and won't impact time spent on making informed investment decisions
ps - first year funds will only pay tax upon lodgement (feb for first year funds and 15 may for others)
