Superannuation advice & Compliance
Over the past decade, the number of Self-Managed Superannuation Funds (SMSFs) in Australia has seen substantial growth. As of March 2024, there are 616,400 SMSFs. Taxbyte is specialised in providing compliance services to SMSF’s. Each year we do more than thousand SMSF accounting and tax compliances each year. We provide end to end compliance service for SMSF’s starting from formation until wind up of SMSF.
We take care of formation of SMSF with individual trustee and corporate trustees. We take care of quarterly/yearly accounting, preparation of financial statements and tax returns. We facilitate the SMSF audits through ASIC registered SMSF Auditors. We will file the tax returns with ATO. We guide you about the contribution limits, pension caps, rollovers, TBAR and other support through out the year to our clients. We are well versed with the SMSF’s with all types of investments ranging from listed/unlisted shares, listed/unlisted trusts and managed funds, property, bullion, Crypto investments etc.
Our service include:
Superannuation advice and compliance including the following
- Formation of SMSF – We will do the formation of SMSF with individual trustee as well as corporate trustees. We also take care of registration of ABN, TFN, ESA etc.
- Rollover of the funds – Once the SMSF is formed, you can rollover the funds held with Industry superannuation funds and can use your funds locked with industry funds to make investment in your SMSF. We will help you to process the rollover.
- Formation of Custodian Trust – When the fund is required to borrow for making investment, it should comply with LRBA regulations. Accordingly, custodian trust needs to be set up and the investment should be held in the name of the custodian trust. We facilitate the set up of the custodian trust.
- Contributions – We guide you about the contribution caps, various types of contributions, advantages from making contributions with respect to your personal tax returns and in SMSF.
- Pension Payments – Eligibility, Cap, and claiming the tax exemption in SMSF with pension accounts (ECPI).
- Administration – Investment Strategy, trustee minutes, ASIC annual review for corporate trustee and custodian trustees etc.
- Monthly/Quarterly bookkeeping and filing of Activity Statements – If the fund is registered for GST, or if the fund has account-based pension accounts, then quarterly accounting is required, and the fund need to file TBAR report at the end of each quarter.
- Annual accounting and Tax Return filing – We prepare the financials and tax return. We facilitate the SMSF audit through ASIC registered SMSF Auditors. We will co-ordinate wit the auditor in completing the audit. Taxbyte is registered Tax agent and we will file the tax return with ATO.
- Wind up of SMSF – We guide you to follow the steps to wind up the fund. We file the final tax return, we wind up the trustee company.
Zero breach at Taxbyte
The number of compliance breaches in SMSFs (Self-Managed Super Funds) has also shown a significant increase. Auditor Contravention Reports (ACRs) submitted to the ATO are steadily increasing. For the 2021 financial year, the ATO received ACRs for over 13,800 SMSFs, reporting more than 40,000 contraventions. Common breaches included loans to members and failing to separate personal and business affairs from the SMSF. By 2022, there were reports of 13,558 funds with a total of 39,997 contraventions. Penalties for these breaches can be severe. They include additional income tax, administrative penalties, and in serious cases, trustee disqualification.
At Taxbyte, we will guide you, we will educate you, we will help you and make sure your funds compliances are done with zero breaches. Your fund status will always be complying and always ready to accept the employer contributions and Govt co-contributions.
