Welcome to ESUPERFUND’s October Newsletter.
In this issue we remind you of the 2015 Online Checklist submission due date and introduce you to the latest SMSF educational videos released by the ATO. We also provide you with some knowledge tips about how to find your lost super and we explain PAYG instalments.
Client Services Manager
2015 Online Checklist submission is due soon!
If you established your SMSF before 01 July 2015 and have not submitted the checklist, please submit the checklist before 31 October 2015 via the ESUPERFUND Client Portal. Please note that in order to submit the checklist, you will need to complete all the sections and then click on the submit button on the “Submit” page.
New SMSF Videos Released by the ATO
The ATO recently released two more SMSF videos that are designed to help you understand the consequences of breaching superannuation laws and how tax applies when you pay benefits from your SMSF.
SMSF – What happens if your fund breaches the law?
Has your fund breached the super laws? This video shows possible consequences and how you may be able to influence the outcome.
SMSF – Paying an income stream Part 2
Watch this video to learn how tax applies when you pay benefits from your SMSF.
How to find your lost super?
If you have moved address, changed names or held multiple jobs, it is likely that you have lost super somewhere along the way. Luckily, you can easily locate your lost super with the ATO via myGov.
The first thing you need to do is to register your online myGov and ATO accounts. Once your ATO account is verified, please select the ‘super’ dropdown menu in the taskbar to view all super accounts currently registered under your name.
You can read our article by clicking here to find out more information about how to find your lost super.
What is a PAYG Instalment?
PAYG instalments are a system for paying instalments towards your Fund’s expected income tax liability for the current Financial Year. The PAYG instalment amount is an estimated tax liability calculated by the ATO based on the income tax payable on your Fund’s income shown in the most recent Annual Return. It may be paid quarterly or annually.
On the lodgement of your Fund’s Annual Return, the PAYG instalment paid will be credited against your Fund’s actual tax liability to determine whether you owe more tax or are owed a refund.
More information about PAYG Instalments can be found on the ATO’s website
Your team has been fantastic through this whole SMSF setup process. Your website is very easy to understand and informative. Your replies are quick and useful. A lot of businesses have much to learn from your professionalism. I have no hesitation in recommending your services to my friend network. Well done and thanks for all the help.