The annual declaration of self-administered super funds provides and aggregates annual reporting data and tax information to the tax office. Whether the members have to pay taxes for the year or not, an annual declaration including a membership fee declaration is required.
Fund audits must be completed before the annual report can be submitted. The SMSF must contain information about the fund's bank account and, if applicable, information about the electronic service address alias. SMSF tax return service in Australia may be done electronically through a tax agency or approved software or by printed paper declaration form received from the tax office.
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When your SMSF pays your pension, it must pay the minimum amount required annually. This amount is based on the age of the member receiving the payment – starting with four percent of the account balance for people under 65 and increasing to 14 percent for people 95 and over.
If your SMSF does not pay the required minimum amount, you may not be eligible to treat any income or capital gains as Excluded Current Retirement Income (ECPI) for the year. The ATO can be lenient if the error is an honest one or is caused by a matter beyond their control, but should not be relied on. In general, failure to meet minimum retirement standards poses a significant risk to your funds.
If you follow the instructions carefully, the ATO will usually accept the review you submit. However, the ATO may review the assessment as part of its compliance process.