Are you aware that the State Revenue Office can now check with the Australian Taxation Office if your super fund is up to date and is showing compliance status?
One unlucky SMSF Trustee who had pending SMSF tax returns has been hit with an unexpected tax bill by the State Revenue Office in Victoria.
As per the SRO, the recipients of ‘Excluded Trust’ do not need to pay the surcharge land tax rate as it increases the tax liability on family discretionary trust. A trust can be an Excluded Trust only if it is a complying superannuation trust.
The land tax rate and land tax free threshold applies in Victoria. A current notice of compliance(CNOC) provided by SMSF should be lodged with SRO by the members in order to get the SMSF tax returns up to date and can ask ATO to issue the CNOC later on. You will be charged for extra land tax on land held in an SMSF if your super fund is not up to date or showing complying status.
If you or someone you may know has pending SMSF tax return or has not lodged your 2015 tax returns, give us a call on 1300 212 663 to book an appointment with one of our staff, or click here to be directed to our SMSF form.