SMSF Annual Return

30 June ‘red alert’ for SMSFs as critical issues need consideration

The SMSF Association says 30 June is a ‘red alert’ for SMSF trustees, with several “critical issues” that need to be considered ahead of the “looming” deadline. SMSF Association CEO John Maroney said the transitional CGT relief, Transfer Balance Account Reporting (TBAR) and contribution caps should all be on the… Read More »30 June ‘red alert’ for SMSFs as critical issues need consideration

ATO tips to avoid misreporting LRBAs in SMSF Annual Return

ATO tips LRBA errors, misreporting, SMSF Annual ReturnWith only a couple of months until all 2013/14 SMSF annual returns should be lodged the ATO has issued several “tips” to help to avoid misreporting Limited Recourse Borrowing Arrangements (LRBAs) in the SMSF Annual Return.

The ATO warns that, where an SMSF has a LRBA, to “make sure you report them at the LRBA labels in Section H: Assets and liabilities of the SAR [SMSF Annual Return].”

“We have noticed some misreporting at these labels,” said the ATO.

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