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What taxes an SMSF may incur every year?

Most of SMSF only need to pay income tax.

Some SMSFs may registered for the following taxes that need to be reported separately from income tax on quarterly or annual basis:

  • GST
  • PAYG withholding tax
  • PAYG instalment

How is the income in an SMSF assessed by ATO?

Trustees of SMSF is required to lodge an annual tax return with ATO and report the assessable income, taxable income and tax payable.

The assessable income include the following:

  • concessional contributions
  • dividend, distribution, interest, rent, foreign income and other income etc
  • capital gains
  • special income (non-arm’s length income)

What tax rate is applied to the taxable income?

There are four tax rate can be applies to an SMSF:

  1. 15%
  2. 10%
  3. 0%
  4. 45%

Why do I need to pay income tax even without any income earned in my SMSF?

This is due to SMSF supervisory levy that is included in your SMSF tax return.

For newly established SMSF, the annual supervisory levy is $518 and becomes $258 from second year of operation.

Why do I need to pay income tax even my SMSF had a loss in the financial year?

The reason is same as above. Your SMSF will be required to pay supervisory levy even it is in a loss position.

Any questions, please feel free to contact us on 03 9557 4079 or email info@icaresuper.com.au

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