Tax returns

Tax returns are relevant for individuals and for SMSF trustees when making the most of superannuation opportunities. An individual must lodge a tax return to claim a tax deduction for concessional contributions (if self-employed or not employed), or if they wish to receive a co-contribution, or claim a tax offset on spouse contributions and for other superannuation purposes. A SMSF trustee must lodge an annual tax return on behalf of the SMSF, and large non-SMSF super funds must also lodge an annual return.

Set out below are SuperGuide articles explaining Tax returns.

Are SMSF audits too expensive?

May 20, 2012
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Note: Every year, the ATO publishes the average audit fees incurred by SMSFs. This Q&A contains data for financial year ending 30 June 2010 (latest available as at May 2012). The next update, for compliance data up to 30 June 2011, will be available in April 2013. Q: SMSF auditors and … [Read more...]

Federal Budget 2010: Psst! The Government is giving away hundreds of dollars, but there’s a catch

May 11, 2010
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Writing about tax returns is not strictly a topic for a superannuation website, but since the Federal Government released all the exciting super stuff the week before the Federal Budget, I have time to explain some of the other wealth-creating policies announced by the Government. From July 2012, … [Read more...]