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SMSF annual Financial Statements

Discussion in 'Superannuation, SMSF & Personal Insurance' started by davewa, 7th Aug, 2014.

  1. davewa

    davewa Active Member

    Joined:
    22nd May, 2011
    Posts:
    40
    Location:
    Sydney, NSW
    Does anybody know if the Financial Statements for an SMSF with members in the Pension Phase must mention the Tax Free Component and Taxable Component?

    The reason I'm asking this question is that this information was included in all our annual tax statements except for our 2013 report. (We had a new accountant, and it looks like different accounting software).

    My understanding is that for a member 100% in Pension Mode the taxable proportions must be unchanged each year (Proportional Rule), so presumably it's just a matter of carrying forward the percentages from the 2012 report.

    Any help much appreciated
    Davewa
     
  2. Jimmy007

    Jimmy007 Member

    Joined:
    28th Aug, 2013
    Posts:
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    Location:
    Brisbane
    Hey Davewa,

    Did you find answer to your question?

    I have forwarded your question onto one of our specialist SMSF accountants to see if they know the answer... but your welcome to call them and ask to speak to Ben if you like. 1300 118 618

    Best of luck.
     
    Last edited by a moderator: 27th Sep, 2016
  3. davewa

    davewa Active Member

    Joined:
    22nd May, 2011
    Posts:
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    Location:
    Sydney, NSW
    Hi Jimmy007,

    Nope, not yet.

    Regards,
    Dave
     
  4. Jimmy007

    Jimmy007 Member

    Joined:
    28th Aug, 2013
    Posts:
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    Location:
    Brisbane
    Hey Davewa,

    One of our accountants said:

    Under the SIS Act S31(2) there are number of operating standards that bind trustees of an SMSF. While reporting the tax free percentage annually isn?t specifically mentioned, there are a couple of items from which this could be inferred. In addition, I?d suspect most auditors would want to see this included in the fund?s annual financial statements as a reporting standard despite the fact that the percentage is set at the commencement of the pension.

    If it isn?t going to be reported, I?d make sure that I had the original pension documents on file (application, minutes, PDS etc) should you change auditors in the future and they request these documents to verify the tax free proportion.​

    ** It is recommended you to give them a call directly before acting on anything. The above is just a general response, and not financial advice, best not to take it as gospel. Give them a call and a few more details so they can provide more info based off your specific circumstances :)
     
    Last edited by a moderator: 27th Sep, 2016
  5. davewa

    davewa Active Member

    Joined:
    22nd May, 2011
    Posts:
    40
    Location:
    Sydney, NSW
    Thanks Jim, I much appreciate your help here. I will try my best to get our accountant / auditor to include the percentages in this year's reporting.

    Regards,
    Dave
     
  6. Jimmy007

    Jimmy007 Member

    Joined:
    28th Aug, 2013
    Posts:
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    Location:
    Brisbane
    No worries, hope it helps!

    Yes its best to discuss with an accountant :)

    Thanks,
     
    Last edited by a moderator: 27th Sep, 2016