With the extended deadline of 2nd July 2018 rapidly approaching, it is important as a Trustee of your SMSF to ensure that your SMSF has its tax return done correctly and on time.
Apart from the usual issues such as:
Calculating taxable income and what expenses are deductible for your SMSF
Reviewing your Trust Deed and Investment Strategy to suit your needs
Reviewing the eligibility of your members to be trustees
Some things to look out for in the 2017 Financial Year are:
The $1.6M Transfer Balance Cap
Resetting the Capital Gains Tax (CGT) Cost Base of your fund
Obtaining an actuarial certificate
Keeping track of contributions and tax deductions
Sound confusing? It can be! If you haven’t already done so, this is the time to engage quality tax advice and financial advice from SMSF specialist advisers to ensure that you are meeting your new and ongoing SMSF obligations.
At BlueKite Capital we have access to specialist tax advice through our SMSF service and Private Client Advisers who specialise in SMSF strategic advice. Together with your Accountant we can help you get your SMSF in order and help you better understand your obligations.
Please contact Venn Williams, CEO BlueKite Capital on 0416 251 140 or email v.williams@bluekitecapital.com.au to find out more.