Ensuring your fund income tax return is accurate and timely can prevent unnecessary delays and penalties. As we head into 2024, here are some essential tips and updates to help streamline your return process. If you need professional guidance, our team is here to help you navigate the complexities of fund taxation with ease.
Important Tips Before You Start
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Use the Correct Form: If APRA regulates your fund, use the Fund Income Tax Return 2024 form. If you're managing a Self-Managed Superannuation Fund (SMSF), there's a specific form just for you.
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Accurate Dates Are Essential: Whether you're filing for a part-year or an approved substitute period, ensure that all dates you provide are correct. This avoids delays and compliance issues.
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Precise Reporting: Small errors like incomplete answers or writing outside the provided boxes can lead to unnecessary complications. Use block letters and double-check that all mandatory questions are answered.
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Read the Instructions: Before starting, reviewing the Before You Start section of the fund income tax return instructions is a good idea. This ensures you fully understand what’s required in each section.
Need assistance with the process? Our financial experts can simplify your tax return preparation and ensure you remain compliant.
Recent Updates to Keep in Mind
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Non-Arm’s Length Expenses (NALE): Legislative changes have been made that affect how superannuation entities report NALE. Be sure to review how these amendments might apply to your fund. We stay updated with the latest legislative changes to guide you through the evolving tax landscape.
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Trust Income Schedule: If you're a small APRA-regulated fund and received distributions from trusts, you’re now required to complete the Trust Income Schedule 2024. We can assist with completing these schedules accurately and efficiently.
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Items Removed from the Return: Be aware of any changes in the 2024 return that may remove certain reporting items. Staying informed can help prevent errors or confusion when lodging your return. Let us handle the complexities for you and save time on your tax obligations.
Stay Informed About Legislative Changes
Every year brings new rules and updates that can affect your tax return process. Staying compliant with these changes is crucial to avoiding penalties and delays.
Our financial services offer personalised support to ensure your fund’s tax return is lodged correctly. Contact us today at 02 8318 1545 for expert advice or book an appointment through our live calendar and a smoother tax season.
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