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Changes to SMSF annual return flagged
The ATO has recently released the 2014 SMSF annual return, which include some “important changes” SMSF practitioners should note, according to The SMSF Academy’s Aaron Dunn.
Mr Dunn noted that for the first time trustees will pay a supervisory levy within the SMSF annual return based on the year of operation, rather than in arrears.
The 2014 SMSF annual return forms part of the transitional period with the supervisory levy, which Mr Dunn said means trustees will be liable for a “hefty” $388 when lodging their return – including $129 for the second part of the 2013/2014 financial year and $259 for the 2014/2015 income year.
“The true cost of operating the SMSF sector remains a mystery, with costings still not publicly available around its regulation,” Mr Dunn said.
“This substantial increase remains a mystery with a range of former measures not proceeding (that was the reasoning for the increase). Seems like SMSFs are also ‘pulling their weight’ to help the government dig themselves out of the financial hole!”
Mr Dunn also noted trustees will be required to report all contributions the fund received within the ‘Member Information’ sections during the 2013/2014 financial year. This includes where some or all of those contributions were rolled over to another fund during that income year.
Also, following the introduction of the SMSF auditor number, information relating to the approved auditor’s professional body and member number have been removed and are no longer required.
Good! Any simplifications help! But how about an E Tax type return for people who are prepared to operate within a set of constraints specified by ATO like: In retirement, no contribs, only Aust listed shares & bank deposits & that pay less than specified pension %age of balance. ATO could save bilions in admin costs & us save heaps of unecessary work.0
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