The compliance requirements for SMSFs are extremely stringent, and it is important for trustees to be acutely aware of their responsibilities.
Of course, your accountant is there to help you out, but you should always aim to have 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.
Depositing contributions
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 non-concessional contributions.
Spouse 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.
Call (02) 4926 2300 or email us.
To discuss SMSF’s and the end of the financial year please do not hesitate to contact the team at Leenane Templeton.