When collating information to submit to your accountant for lodging your 2024 SMSF annual return, there are a few common mistakes to avoid that can save you time, effort, and potential penalties.
1. Correct Information
Double-check all personal and financial details before submitting. Make sure names, tax file numbers (TFNs), and other essential information are accurate and up-to-date.
2. Lodging On Time
Meeting deadlines is crucial. Late lodgment can result in fines and interest charges. Be mindful of the key dates and work with your accountants to ensure your return is lodged promptly.
3. Accurate Financial Data
Ensure that all income, expenses, and investments are correctly reported. Misreporting or omitting details can lead to discrepancies and may trigger an audit.
4. Current Valuations
Use current market values for assets when reporting the fund’s financial position. This includes property, shares, and other investments. Accurate valuations are vital for calculating tax obligations and ensuring compliance.
5. Trust Deed Compliance
Review your trust deed and ensure all actions align with its provisions. This includes making sure any investments or activities are permitted and properly documented. Ensure the Deed is up to date with the latest regulations.
6. Tax and Super Obligations
Trustees of the SMSF should keep up-to-date with any changes to tax laws and superannuation regulations. Being unaware of new rules can result in non-compliance, leading to penalties.
7. Engaging Professionals
If you’re unsure about any aspect of lodging your SMSF annual return, consider reaching out to Chan & Naylor. We are a team of accountants specializing in property investments, business taxes, and SMSF. Our expertise can help ensure your return is accurate and compliant, giving you peace of mind.
By paying attention to these details, you can avoid common pitfalls when lodging your 2024 SMSF annual return, keeping your fund on track and compliant with regulations.
About Chan & Naylor
Established in 1990, Chan & Naylor has been a trusted partner for thousands of businesses and investors across Australia. Choosing Chan & Naylor Pymble means you’re not just selecting a service provider; you’re gaining a partner aligned with your business goals. You’ll have access to a dedicated client manager supported by a team of accountants that specialises in business tax and investments. Contact us today so we can discuss how we can help you.
Disclaimer
This article serves as general information only and may not account for the unique circumstances of individual readers. For personalised and strategic solutions tailored to your specific situation, we invite you to seek professional advice from Chan & Naylor. Our highly experienced team is dedicated to helping you navigate the complexities of Australian taxation, ensuring that your financial strategies align with the latest regulations. Contact us today to embark on a path of informed and customised tax planning for your property investments.
