Welcome to ESUPERFUND's April Newsletter.
In this issue, we address frequently asked questions regarding the SMSF
income tax calculation. Next, we inform you that the 2019-20 Federal
Budget has been announced. Lastly, we advise you of a few SMSF videos from
the Australian Taxation Office (ATO).
Client Services Manager
As part of the annual reporting requirements of an SMSF, an Income Tax
Return must be prepared and lodged with the ATO. For details of how your
SMSF’s income tax liability or refundable amount is calculated, please
refer to our website
Yes. Employer Contributions refer to the Superannuation Guarantee
Contributions and the Salary Sacrifice Contributions. They are paid in the
SMSF by your employer from your pre-tax income.
In the SMSF, the Employer Contributions are included in the Assessable
Income amount and tax is payable upon lodgement of the Tax Return with the
ATO. The contributions are taxed at 15% irrespective of whether you have
commenced a Retirement Phase Pension.
The ATO charges an annual Supervisory Levy and the levy is payable by all
SMSFs upon the lodgement of the Annual Tax Return with the ATO.
If it is your SMSF’s first year tax return, the ATO levy payable is $518
(i.e. the levy payable includes $259 for 2018 FY and $259 for 2019 FY).
Otherwise, the ATO annual levy payable is $259.
Your SMSF makes a capital loss if the proceeds from the sale of the asset
are less than the cost base. If the proceeds exceed the cost base, a
capital gain is realised.
If the Total Capital Loss exceeds the Total Capital Gains, your SMSF makes
a Net Capital Loss.
However, the Net Capital Loss cannot be deducted from your other
assessable income (e.g. Dividends, Interest or Assessable Contributions).
The Net Capital Loss may be carried forward to later income years to be
deducted from the Capital Gains.
The 2019-20 Federal Budget has been announced.
An overview of the Federal Budget can be found
We advise that the proposals announced in the Federal Budget are not
legislated yet. Should you require any specific advice on how the
Federal Budget may affect you, we recommend that you seek professional
advice from a financial adviser.
The ATO has provided a few short animated videos covering hot topics and
key responsibilities for SMSF trustees. They provide useful information
to help you run your SMSF and meet your obligations.
to watch the videos.
We would like to congratulate your team on the improvements to the
checklist and compliance process on the Client Portal. It just seems
to get better and easier every year, especially I guess for clients
like us that have moderate IT skills.
My wife and I have been with you for about 12 years. We are good
record-keepers but would be lost without ESUPERFUND. The way in
which your process works is amazing, especially the uploading of
documents. That you have automatic access to bank and other detailed
transactions such as shares and bonds is really helpful. The latest
'tick the box' instant tax declaration for electronic lodgement
seems almost too easy!
We are also impressed with the checklist being done in two parts, so
that we know the basic information is correct before moving on to
the more detailed requirements. The uploading of additional
information is such a time-saver too. Thank you again ESUPERFUND!
ESUPERFUND Pty Ltd as Trustee for ESUPERFUND Trust ABN 37 842 535 715
General Advice Warning
The contents of this website are of a general nature only and have not been prepared to take into account any particular investor's objectives,
financial situation or particular needs. ESUPERFUND does not provide financial product advice or recommend any financial products:
This applies equally to those financial products which are established for your SMSF when you become a client of ESUPERFUND.
Where this publication refers to a particular financial product then you should obtain a Product Disclosure Statement (PDS) relating to that product and consider the PDS before making any decision about whether to acquire the product.
We also recommend that you should seek professional advice from a financial adviser before making any decision to purchase any financial product referred to on this website.
While the sources for the material are considered reliable, responsibility is not accepted for any inaccuracies, errors or omissions.
When setting up a SMSF it is important to understand that additional fees may apply that must be carefully considered prior to making a decision to setup a SMSF including an
ATO Supervisory Levy
Company Trustee Setup Fee (where applicable)