Comments on: Preparing your own Self Managed Super Fund (SMSF) Tax http://www.fusioninvesting.com/2009/08/preparing-your-own-self-managed-super-fund-smsf-tax-return/ Fusing Fundamental and Technical Analysis with lashings of Behavioural Finance. Investing in Australia and North America. Thu, 02 Feb 2012 06:57:27 +0000 hourly 1 http://wordpress.org/?v=3.2 By: Dean Morel http://www.fusioninvesting.com/2009/08/preparing-your-own-self-managed-super-fund-smsf-tax-return/comment-page-1/#comment-3343 Dean Morel Thu, 02 Feb 2012 06:57:27 +0000 http://www.fusioninvesting.com/?p=3072#comment-3343 Hi Rodney, sorry I'm not licensed to provide personal advice. Dean Hi Rodney, sorry I’m not licensed to provide personal advice. Dean

]]> By: Rodney Whitworth http://www.fusioninvesting.com/2009/08/preparing-your-own-self-managed-super-fund-smsf-tax-return/comment-page-1/#comment-3342 Rodney Whitworth Thu, 02 Feb 2012 00:54:11 +0000 http://www.fusioninvesting.com/?p=3072#comment-3342 The website is my latest of many - not to be taken seriously. I just saw your last response 20/10/2011 and it struck a chord! I have had a SMSF for 15 years and turned it into a SMS pension fund a couple of years ago when I retired. The fund was used for share trading. during this time and I didn't mind the accountants fees then. However since the GFC I have just stayed with one stock and done nothing more than take out the minimum pension. Last year I got an accountants and auditors combined bill of $3000+ - That for accounting and auditing a static SMPF. I have just been asked to submit my info to the accountant and decided to find a cheaper route. I saw on the internet some time ago a consultant saying that you are not obliged to submit and audit under certain circumstances. Do you know if it is true? The ATO says it is compulsory - but the ATO agent just reads the base rules. I welcome your comment and advice Thanks The website is my latest of many – not to be taken seriously.

I just saw your last response 20/10/2011 and it struck a chord!
I have had a SMSF for 15 years and turned it into a SMS pension fund a couple of years ago when I retired. The fund was used for share trading.
during this time and I didn’t mind the accountants fees then. However since the GFC I have just stayed with one stock and done nothing more than take out the minimum pension. Last year I got an accountants and auditors combined bill of $3000+ – That for accounting and auditing a
static SMPF.
I have just been asked to submit my info to the accountant and decided to find a cheaper route.
I saw on the internet some time ago a consultant saying that you are not obliged to submit and audit under certain circumstances. Do you know if it is true? The ATO says it is compulsory – but the ATO agent just reads the base rules.
I welcome your comment and advice
Thanks

]]> By: Den http://www.fusioninvesting.com/2009/08/preparing-your-own-self-managed-super-fund-smsf-tax-return/comment-page-1/#comment-3303 Den Thu, 20 Oct 2011 05:07:51 +0000 http://www.fusioninvesting.com/?p=3072#comment-3303 I'll be doing our own SMSF return from now on - I spend so much time hand feeding our accountant all the information, answering silly questions AND getting charged for it! One accountant tried to charge me over $4000 to prepare the returns because we deal in share/options trading and he had to learn how to account for this!! I virtually had to tell him how to do it. Crazy ..... I’ll be doing our own SMSF return from now on – I spend so much time hand feeding our accountant all the information, answering silly questions AND getting charged for it! One accountant tried to charge me over $4000 to prepare the returns because we deal in share/options trading and he had to learn how to account for this!! I virtually had to tell him how to do it. Crazy …..

]]> By: Dean Morel http://www.fusioninvesting.com/2009/08/preparing-your-own-self-managed-super-fund-smsf-tax-return/comment-page-1/#comment-3256 Dean Morel Wed, 15 Jun 2011 22:16:12 +0000 http://www.fusioninvesting.com/?p=3072#comment-3256 Hi Shane I am not aware of any reason why you can't file your tax return when the company is the trustee, but give the ATO a call, they are always very helpful and easy to talk to. Please note, I'm not an accountant or financial advisor and am not permitted to give personal advice. This comment is general in nature and should not be taken as advice. Hi Shane
I am not aware of any reason why you can’t file your tax return when the company is the trustee, but give the ATO a call, they are always very helpful and easy to talk to.

Please note, I’m not an accountant or financial advisor and am not permitted to give personal advice. This comment is general in nature and should not be taken as advice.

]]> By: Shane http://www.fusioninvesting.com/2009/08/preparing-your-own-self-managed-super-fund-smsf-tax-return/comment-page-1/#comment-3255 Shane Wed, 15 Jun 2011 22:06:06 +0000 http://www.fusioninvesting.com/?p=3072#comment-3255 Hello Dean, Thanks a lot for the help. I.B. said that if there is no tax withheld from the Australian dividends, then they will be 100% franked, so yes, I should be able to work out the imputation credits on those that are 100% franked, and I can check out the rest some other way. Can you tell me if the Tax department allows me to file my SMSF return when my Pty. Ltd. Company is its trustee? Does it matter if it is a simple, personal SMSF or if it is held within a company structure? This is the only function of the company at the moment. Thanks again, Shane Hello Dean,

Thanks a lot for the help. I.B. said that if there is no tax withheld from the Australian dividends, then they will be 100% franked, so yes, I should be able to work out the imputation credits on those that are 100% franked, and I can check out the rest some other way.

Can you tell me if the Tax department allows me to file my SMSF return when my Pty. Ltd. Company is its trustee? Does it matter if it is a simple, personal SMSF or if it is held within a company structure? This is the only function of the company at the moment.

Thanks again,
Shane

]]> By: Dean Morel http://www.fusioninvesting.com/2009/08/preparing-your-own-self-managed-super-fund-smsf-tax-return/comment-page-1/#comment-3185 Dean Morel Fri, 27 May 2011 21:55:16 +0000 http://www.fusioninvesting.com/?p=3072#comment-3185 Hi Shane $5000 seems very steep, but I'm sure that includes preparation of annual financials and auditing as well as the tax return. Still that's very expensive, but I just wanted to point out that the tax return is probably the easiest part. As to franking credits. You have a record of the cash dividend received in your IB account. You probably either know or can easily find out that percent franking. With that information you can work out the franking credit. =cash_dividend/0.7*0.3 eg if you got a cash dividend of $1820 from Telstra and it was 100% franked then the franking credit would be 1820 / 0.7 * 0.3 = 780. Please note I am not an accountant or qualified to give advice, this is not specific advice, just my opinion which you should check. Hi Shane
$5000 seems very steep, but I’m sure that includes preparation of annual financials and auditing as well as the tax return. Still that’s very expensive, but I just wanted to point out that the tax return is probably the easiest part.

As to franking credits. You have a record of the cash dividend received in your IB account. You probably either know or can easily find out that percent franking. With that information you can work out the franking credit. =cash_dividend/0.7*0.3 eg if you got a cash dividend of $1820 from Telstra and it was 100% franked then the franking credit would be 1820 / 0.7 * 0.3 = 780. Please note I am not an accountant or qualified to give advice, this is not specific advice, just my opinion which you should check.

]]> By: Shane http://www.fusioninvesting.com/2009/08/preparing-your-own-self-managed-super-fund-smsf-tax-return/comment-page-1/#comment-3181 Shane Thu, 26 May 2011 13:23:22 +0000 http://www.fusioninvesting.com/?p=3072#comment-3181 G'day Dean, Your spreadsheet is a fantastic idea, even if I have not tried it as yet! I use Quicken Personal Plus software, and find it adequate and the renewal not too expensive considering I get daily price downloads for my stocks. I got a friend to set up an Excel spreadsheet to do all the currency calculations on USD transactions, sent it to my accountant, and to my amazement I found her with a printed out copy and punching the data into her program by hand! She will charge me over $5,000 for this! So I decided to have a go at filing my own tax. 1) I use Interactive Brokers, but they don't give a Franking Credit report for Australian dividends on their statement yet (muted for the future), so does anyone know what is the best way to get these details easily? Shane G’day Dean,

Your spreadsheet is a fantastic idea, even if I have not tried it as yet! I use Quicken Personal Plus software, and find it adequate and the renewal not too expensive considering I get daily price downloads for my stocks. I got a friend to set up an Excel spreadsheet to do all the currency calculations on USD transactions, sent it to my accountant, and to my amazement I found her with a printed out copy and punching the data into her program by hand! She will charge me over $5,000 for this! So I decided to have a go at filing my own tax.

1) I use Interactive Brokers, but they don’t give a Franking Credit report for Australian dividends on their statement yet (muted for the future), so does anyone know what is the best way to get these details easily?

Shane

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