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SMSF Pension tax administration

Discussion in 'Superannuation, SMSF & Personal Insurance' started by greg999, 9th Aug, 2012.

  1. greg999

    greg999 Member

    29th Mar, 2012
    Sydney, NSW
    Hello to fellow forum members,

    Unfortunately I originally setup my pension so that I become obliged to be home to fill out the ATOs reporting paperwork. ie Quarterly Activity Statements, PAYG Payment Summary and PAYG Payment Summary Statement. So now that I am retired and free to travel the world I really don't want to be tied up at home waiting for these things to arrive in the mail, just to pay about $200 worth of tax per year.

    So my question is can all this stuff be received and lodged electronically? If so is it easy to use for computer-illiterate people like me? Also if I just receive my SMSF pension once a year can I escape from the Quarterly Activity Statements and submit that data once a year rather than 4 times a year (3 of which would be "Nil Activity Statements"). It would be great to hear from retirees who have actually done this.

    Any other suggestions to streamline this?

  2. Superman

    Superman Well-Known Member

    6th Nov, 2007
    Gold Coast, QLD

    Not sure if you are actually do all this yourself. You can nominate an accountant / tax agent to lodge it on your behalf. That would be the best option.

    You can also request the ATO make your fund a closely held PAYGW payer, meaning the lodgement date for the PAYG payment summaries would be the same as the SMSF annual return (May if a tax agent appointed, otherwise 31 October) rather than August if the SMSF is not listed as a closely held payer. This will provide a bigger window.

    You can lodge quarterly PAYGW online on the Business Portal by getting an AUSKEY for your SMSF here: AUSKEY

    My company looks after many retires who travel constantly, and we remove all these little issues as part of our service - any accountant / administrator should be able to do the same.

    Happy travels
    SM :cool: