Happy New Year and welcome to ESUPERFUND's first Newsletter of 2018!
In this issue, we remind you of the upcoming tax return due date in February and provide you with the detailed actions required from you given the status of your SMSF’s annual tax return. Next, we advise that you can now apply for CommSec Warrants & Options Accounts via your Client Portal. Lastly, we highlight the SMSF record-keeping requirements imposed by the ATO, including the time frame, the format and the consequence of the contraventions.
Client Services Manager
If your SMSF meets either of the criteria mentioned below, then the annual tax return is due for lodgement by 28 February 2018. Otherwise, the due date in most other cases is 15 May 2018.
Visit Client Portal to Track Your SMSF's Tax Return Status
You can check the due date and the status of your SMSF's 2017 tax return via the ESUPERFUND Client Portal under the menu tab "Compliance – Compliance History".
The progress of the annual tax return (indicated under the "Status" column) and the corresponding actions required from you are summarised here for your information.
You are now able to apply for CommSec Warrants & Options Accounts via the ESUPERFUND Client Portal. The application can be submitted under the menu tab "Trading".
Once your application is submitted, we will pre-populate the application form and send it to your Client Portal Inbox instantly.
Please refer to our website for more information in relation to Options and Warrants.
One of your responsibilities as a trustee is to ensure that proper and accurate records of your tax & superannuation are retained and are available to the Fund’s auditor and the ATO upon request.
Time frame for keeping records
(1) A minimum of five years:
(2) A minimum of 10 years:
More information regarding the record-keeping requirements can be viewed on the ATO website.
Format for keeping records
The records should be kept in writing and in English. The ATO also allows for the records to be retained in an electronic format, provided they are easy to access and verify.
Record keeping contraventions
Failure to keep records may result in administrative penalty imposed by the ATO.
Please visit the ATO website for detailed information on the ATO’s approach & penalty.
We established with ESUPERFUND in 2009, on my retirement. ESUPERFUND made the establishment of our Superfund quite simple. Annual assessment submissions have been quite easy, only really limited by my computer/uploading skills. Subsequent assessments and audit paperwork has been timely.
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)