Jeanette Hoepper Chartered Accountant

FAQ's

Do I need to lodge a tax return?

Your income level determines whether or not you need to lodge an income tax return - the ATO has a tool to assist you.


 

Does my SMSF need to be audited every year?

Yes - this is a legal requirement of an SMSF, and the SMSF Annual Return (income tax return) cannot be lodged until the audit of your SMSF has been finalised.


 

Do my SMSF assets need to be revalued each year?

Regulation 8.02B of the Superannuation Industry (Supervision) Act & Regulations 1993 requires that the SMSF assets be reported on the Statement of Financial Position (Balance Sheet) at market value. To ensure that they are reported at market value, the Trustees need to determine whether the Fund's assets need to be revalued as the value of many assets (other than cash) may move from year to year. Determining the market value of listed shares is a relatively simple process as the market value is listed on the ASX. Determining the value of other assets such as property may be more difficult. The ATO provides guidelines on this matter.


 

Deductions - substantiation requirements

The ATO provides comprehensive guidelines on this matter


 

What is tax audit insurance?

Tax Audit insurance covers the professional fees incurred as a result of an official audit, enquiry, investigation or review instigated by the ATO and other federal, state and territory based agencies. This insurance is offered to all of our tax clients. For more information, contact us.


 

What ATO Levy is payable for my SMSF?

See the SMSF ATO Levy Schedule. (PDF 146KB).


 

What information do you need to prepare my personal tax return?

See the Individual Info Checklist 2014. (PDF 55KB).


 

What information do you need to prepare my business tax return?

See the Company & Business Checklist 2014 (PDF 42KB).


 

What information do you need to prepare my SMSF Financial Statements and Annual Return?

See the SMSF Accounting Info Checklist 2014 (PDF 41KB)


 

What information do you need to audit my SMSF financial statements?

See the SMSF Audit Info Checklist 2014 (PDF 58KB)

Contact us

Phone: 07 3216 8928

Suite 19, Level 2 Hypercentre,
50-56 Sanders Street
Upper Mt Gravatt QLD 4122

PO Box 747
Mt Gravatt Q 4122