SMSF annual reporting (tax compliance) and audit services

SMSF tax compliance and audit services

Among the most important obligations of trustees of self-managed superannuation funds (SMSFs) is ensuring that the fund complies with all tax and superannuation laws.

This is a complex area, and expert professional advice is highly recommended.

The penalties for non-compliance can be severe, ranging from substantial fines and disqualification as a trustee to the fund’s income and assets being taxed at the top marginal tax rate.

Attending to the annual reporting / audit obligations

As part of it’s comprehensive SMSF administration service, LDB advises SMSF trustees on tax strategies that comply with all relevant regulations and undertakes the annual preparation of:

  • Financial statements
  • Member statements
  • Fund tax (annual) return
  • Investment listing including maintenance of capital gain records
  • Trustee minutes including the required paperwork regarding any new or exited fund members
  • Transfer Balance Account (TBA) reporting
  • Contribution resolutions
  • Pension resolutions
  • Trustee company compliance and maintenance of company register.

We are experts in assisting SMSF trustees move from accumulation to retirement (pension) phase and working through the complicated tax issues.

We assist with retirement phase income streams (eg. account based pensions, market linked pensions and complying pensions) and transition to retirement income streams (TRIS).

If an actuarial certificate is required as part of the preparation of the financial statements this will be attended to by the SMSF team.

LDB will also arrange the annual audit that is required.

Under current legislation, every SMSF is required to have their fund audited by an auditor each year to ensure that it has complied with the superannuation legislation.

Choose carefully

It is important that trustees understand that, even though they engage professionals to assist in managing their SMSF, they remain personally responsible for fund compliance. It is therefore of great importance to choose advisers carefully.

LDB has been advising SMSF trustees for over 20 years. In all that time, none of the funds that have adhered to our advice have been found to be non-complying.

In fact, in many cases, we have worked with the trustees of non-complying SMSFs to bring them back into compliance, saving them from potentially harsh penalties and ATO directed enforceable undertakings which could mean the winding up of the SMSF.

Get in touch with LDB today

Why not put our years of experience to the test?

To find out more about how we can help ensure your SMSF is compliant and successful, call us on (03) 9875 2900 or fill in the contact form below. One of our SMSF experts will be happy to answer all your questions.

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LDB Wealth Solutions Pty Ltd is an Authorised Representative (no. 257930) of LDB Financial Group Pty Ltd ABN 83 161 933 777
Australian Financial Services Licensee: Licence Number 437164

LDB Superannuation Services Pty Ltd is an Authorised Representative (no: 1253818) of LDB Financial Group Pty Ltd ABN 83 161 933 777