Issue 23 | 15 February 2016
Welcome to ESUPERFUND’s February Newsletter.
In this issue, we look at how to track the progress of your SMSF’s annual tax return preparation. We introduce our new ING Online Savings Account application process and highlight the importance of meeting the sole purpose test.
Client Services Manager
Submit your 2015 Online Checklist at your earliest convenience
If you established your SMSF before 01 July 2015 and have not submitted the Online Checklist, please complete the checklist via the Client Portal at your earliest convenience.
We kindly remind you to check the "ITR Due Date" under the Annual Checklist Page which indicates the due date for your Fund's Annual Tax Return (i.e. 28 Feb or 15 May).
How to track the progress of your SMSF’s annual tax return preparation
You are able to check the status of your Fund’s annual tax return preparation by visiting the Compliance History page via the Client Portal. The “Status” column shows the progress and the action that may be required from you.
Waiting on Checklist – You need to submit the Online Checklist to enable our office to complete the annual tax return.
Being Prepared – We are in the process of preparing your Fund’s annual tax return.
Ready for Signing – We have completed the annual tax return and require you to sign the compliance documentation.
Ready to Lodge – We have received the signed compliance documentation and will lodge the annual tax return shortly.
Complete – We have lodged the annual tax return on your behalf.
ING Online Savings Account application made easy
As a client of ESUPERFUND, you are permitted to invest in an ING Online Savings Account. To simplify the Online Savings Account application process, ESUPERFUND has established direct arrangements with ING Direct allowing you to easily apply for an Online Savings Account through our website.
Would you like to set up an ING Online Savings Account today? You can simply login to your Client Portal and complete the online application.
Do You Know?
Sole purpose test
As a trustee for your SMSF, you need to ensure your Fund is maintained for the sole purpose of providing retirement benefits to your members, or to their dependants if a member dies before retirement.
All activities undertaken by the SMSF should not contravene the sole purpose test. These activities include (but not limited to):
administrating and using your fund’s assets
considering an investment for your fund
paying benefits to members
It’s likely your Fund will not meet the sole purpose test if you or anyone else, directly or indirectly, obtains a financial benefit when making investment decisions and arrangements (other than increasing the return to your fund).
You may watch the ATO video "SMSF sole purpose test" for more information.
I convey my appreciation to ESUPERFUND for facilitating the annual checklist submission. At times the process of completing the checklist seemed challenging, but your team's assistance made this task achievable.
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