SMSF accountants and administrators are still focused on COVID-19 related issues and lodgment of 2019 SMSF annual returns, but before you can take a moment it will be time to focus on the 2020 SMSF annual return. In this session we will have a look at the changes made to the 2020 SMSF annual return and the ATO focus areas to get you ready for the 2020 SMSF compliance season.
Topics covered in this session include:
- The two components of an SMSF’s taxable income
- Change to reporting requirements for LRBAs
- How the way you complete the SMSF annual return can affect a member’s total super balance and their entitlement to concessions and tax offsets
- What happens when an SMSF fails the residency test?
- Changes to reporting audit qualifications in the SMSF annual return
- A reminder of the methods available for claiming ECPI for 2019-20
- 2017 CGT relief deferred amounts – when they need to be included
- Why an SMSF trustee must wait until the Audit report is issued before signing the SMSF annual return