Stressed out because of your SMSF Tax Return? Looking for an Expert?

The cost of managing SMSF varies with the type of SMSF structure, investments, and complexity of transactions in the fund. You can expect to pay for Setting up the SMSF, getting SMSF consultation, and SMSF Compliance costs. The trustee needs to lodge an SMSF annual return, organize an audit, and pay ATO fees annually. Our compliance services include the Annual SMSF Tax Return, SMSF Audit, and ATO fees.

If you own an SMSF, you need to lodge an annual tax return with ATO every year before 31 October (except for new entrants or funds that have outstanding previous year returns).

Yes. If you fail to pay your taxes on time, you may incur a ‘Failure To Lodge’ penalty from ATO.

The penalty is charged @ 1 penalty unit for each period of 28 days or part thereof for which the return is overdue, up to a maximum of 5 penalty units. The value of one penalty unit is $210. This means that the minimum penalty that you can be charged if you delay your tax returns is $210 and the maximum penalty that can be levied is $1,050, i.e., 5 times the minimum penalty.

There are various factors that the ATO considers while charging a penalty for the overdue tax return. These may include the following:

• Number of overdue tax returns
• Your history of filing overdue tax returns
• The fact whether the taxpayer has not fulfilled the appeal to file their tax return or not.

Usually, the penalty is applied automatically unless there was NIL tax payable or if there was a net refund from the Tax Return. We may be able to negotiate the penalty depending upon your circumstances.

In addition to the penalty, the ATO may also seek legal prosecution for failing to lodge one or more tax returns. This can result in a maximum penalty of $9000 or up to 12 months of prison time!