hi all
loki
- 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)
cheers
mk
- Forums
- General
- frequency of paying tax and reporting
frequency of paying tax and reporting, page-10
-
- There are more pages in this discussion • 31 more messages in this thread...
You’re viewing a single post only. To view the entire thread just sign in or Join Now (FREE)
Featured News
Featured News
The Watchlist
AHK
ARK MINES LIMITED
Ben Emery, Executive Director
Ben Emery
Executive Director
SPONSORED BY The Market Online