Trustees and professionals associated with the SMSF trusts will do well to spare a thought for the 2014 SMSF Annual Return. A few changes worth their while makes for interesting reading. For instance, a supervisory levy will be imposable on the trustees, one that will be based on the operational year instead of being counted in arrears.
Trustees will now have to fork out $388 while filing their returns. This amount includes $259 imposable for 2014-15 and $129 imposable for the latter half of 2013-14.
There will be certain adaptations made by the Annual return form. Now, the supervisory levy will be more diligently (and clearly) dealt with via a clear demarcation whether the return for the SMSF is the first one or otherwise.
Rollovers and transfers
Trustees of the SMSF will have to furnish information regarding all the contributions made irrespective of whether some of the contributions were rolled over to a different fund. With clear reference points like “inward rollovers and transfers” and “outward rollovers and transfers”, all the rollovers will be adequately attended to in the return form. All for the purpose of making the examiners job easier!
There will now be an SMSF auditor number; one that substitutes the necessity for any information regarding an approved auditor’s body.