The information below may help you avoid potential pitfalls when preparing your SMSF annual return.
Providing electronic funds transfer (EFT) details at Section A, Question 7
The bank account you nominate for super payments and tax refunds must belong to the SMSF. We make super and SuperStream payments directly to the account nominated at this label and payments may be affected if you provide incorrect details.
You can use a different bank account for tax refunds or if you have wound up your SMSF and expect a refund. These details can be those of a tax agent.
If you receive employer-sponsored contributions you must include a registered electronic service address (ESA). The ESA is only used for SuperStream transaction reporting and is not an email or postal address. You can obtain an ESA from a registered ESA provider and you should make sure it is shown exactly as provided when you registered for it.
Reporting income items at Section B, Question 11
Something else that crops up is trustees saying they received a distribution from a discretionary trust when it should be a fixed trust.
Not completing the contribution labels correctly can lead to excess concessional tax consequences, for example putting down that you’ve made a concessional contribution, such as an employer contribution, when the contribution is really a non-taxable one.
And finally, don’t forget that
© Australian Taxation Office for the Commonwealth of Australia
When a member of an SMSF passes away, payment of their death benefit can be problematic if their estate plan […]
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