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Important Compliance Matters, Lodgment Dates and consequences of not meeting your obligations

Forward tax planning matters
A must read - this may save you a lot of tax!

Individuals who are not running a business
Compliance matters:

Sole Traders, Partnerships and Trusts
Compliance matters:

Compliance matters:

Self Managed Superannuation Funds (SMSF)
Compliance matters: Additional obligations for SMSFs running a business: Additional obligations for SMSFs with a Corporate Trustee:

New Additional requirement for Businesses in the Building and Construction Industry
Compliance matters:

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  • Record Keeping requirements, Logbook and Diaries and Information on Audits

Medicare Levy Surcharge

Personal Superannuation Contributions

Div 293 superannuation charges

Tax Returns - Individuals, Sole Traders, Partnerships, Trusts, Companies and Self-Managed Superfunds

Self Managed Superannuation Funds (SMSF) - Audited Tax Returns

PAYG Instalments

Income Activity Statements (also known as a BAS or an IAS)

Employer obligations

ASIC (Australian Securities and Investments Commission) lodgments and fees

Rules for running a Self Managed Superfund
  • You can't transfer SMSF money to a member or associated entity unless it is to buy an interest in commercial properties or a Condition of Release is met
  • The SMSF can't borrow money from anyone unless it is structured in a particular way that allows it to use limited recourse borrowing arrangements (LRBAs)
  • You can't invest SMSF money unless it is in line with the SMSF investment strategy and fits the Sole Purpose test (your fund needs to be maintained for the sole purpose of providing retirement benefits to your members or to their dependants if a member dies before retirement)
  • There are limitations on the SMSF being able to accept deposits from members including limits on the amount of contributions it can receive
  • All assets owned by the SMSF must be properly named (For example if the trustee is a company called Co Pty Ltd and the SMSF is called WWSuper then the assets must be held in the name of Co Pty Ltd as trustee for WWSuper). If the asset is unable to be named this way due to limitations imposed by the asset provider, such as a bank not allowing an account to be named as such then you must be able to provide proof of this limitation. If the superfund changes trustees or changes its name, all assets must have their names changed as well. This can cost time and money with some assets such as real estate
  • All purchases and sales must be made at Market Value. All assets must be valued at Market Value the end of each financial year
  • A superfund can accept concessional contributions, such as employer contributions up to the limit for that year (in 2019 the limit is $25,000) - exceeding the limit incurs extra taxes
You should use the Tax Office's guide prior to undertaking any actions in relation to your superfund or ask us for advice.

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