Like any super fund, the income and investment returns of an SMSF are only taxed at the 15% concessional tax rate. And when the income is used to provide a pension stream, there is no tax at all. However, these concessions are available only to funds that comply with the ATO¡¯s requirements for SMSFs.
An SMSF capital gain is basically any profit an SMSF makes from selling an asset. It¡¯s classed as income and taxed as such. Similarly, any loss made from selling an asset is called a capital loss. Both need to be included in the SMSF¡¯s annual return to the ATO.
Because capital gains are treated as regular income, and an SMSF¡¯s income is taxed at the concessional rate of 15%, then capital gains are also subject to a 15% tax.
But there are two additional, and very handy rules to remember, which apply to any super fund.
Since the tax rules of SMSFs can be complex, and there are penalties for non-compliance, it is often wise to get a professional SMSF accountant to manage this part of an SMSF¡¯s administration.
Yes, you can prepare your own SMSF tax return, but to make sure you¡¯re completing it accurately, you will need to know all the rules and regulations. It is generally recommended that complex SMSFs hire a specialist self-managed super fund accountant ¨C not only for the expertise but also to save the trustee¡¯s time since keeping abreast of reporting obligations and doing the paperwork can be very time-consuming.
Unlike personal tax, the ATO does not send out a tax assessment, so calculating the correct tax is up to the person preparing the return. What¡¯s more, the return is not simply a tax return, but a more comprehensive report on all the SMSF¡¯s transactions and benefit payments.
An SMSF accountant can take on a range of tasks including:
If the accountant is also a licensed financial advisor, they may also provide investment advice to the trustees.
It must be remembered that the accountant cannot also be the SMSF¡¯s auditor.
References
SMSF tax return - ATO
Call: 1300 789 932
Call: 1300 348 546
Call: 1300 734 479
Call: 1300 361 784
Call: 1800 005 166
Call: 1300 664 781
Call: 1800 222 071
Call: 1300 360 988
Your question will be sent directly to the fund you select
Your question will be sent directly to the fund you select
Thank you for contacting AustralianSuper.
They will be in touch shortly
Thank you for contacting Hostplus.
They will be in touch shortly
Thank you for contacting HESTA.
They will be in touch shortly
Thank you for contacting Cbus.
They will be in touch shortly
Thank you for contacting Spirit Super.
They will be in touch shortly
Thank you for contacting CareSuper.
They will be in touch shortly
Thank you for contacting TWUSUPER.
They will be in touch shortly
Thank you for contacting First Super.
They will be in touch shortly
Due to a technical fault we are unable to to submit your form at the moment. Please try again later.
Additional details: