Industry Superannuation

Most superannuation is concessionally taxed at a flat rate of 15% at two main points: on contributions, and on earnings. Capital Gains Tax within the fund however is taxed at a rate of 10% if the assets are held for longer than 12 months. Contributions either in the form of employer superannuation payments, or member salary sacrifice, are taxed at this rate.

In most industry funds, the earnings tax is paid before profits are disbursed to members so it appears as a lower level of interest on the member’s statement.

Self-Managed Super Funds

All self-managed super fund trustees are required to have financial statements prepared, lodge income tax & regulatory return and other relevant statements with the Australian Taxation Office each year.

The trustee must all ensure the self-managed super fund is audited each year by an approved auditor. The audit covers both financial statements audit and compliance audit. The findings of the audit must be reported on the income tax & regulatory return. Superannuation Accounting Services can provide you with all of the above services, which includes the compilation of a full set of financial statements, preparing the income tax & regulatory return, other relevant statements and audit of self-managed super fund. When you use our services, you can be assured the highest level of services. The elk team are qualified accountants with specialist knowledge, expertise and skill in self-managed super fund.

At some point you may need to wind up your SMSF. This could happen if all the members and trustees have left the fund or all the benefits have been paid out. To wind up an SMSF, you must ensure there are no assets left in the fund and fulfil a number of reporting and administrative obligations.

elk we can guide you through this process.

We in place rigorous internal processes and procedures to ensure quality services is delivered every time, and all the time.

elk is a registered tax agent and have approved auditors. In this specialised area, experience counts.

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