Get Help of Experts in Filing Tax Returns on Your SMSF! You all must be aware of the concept of self-managed superannuation fund because it is one of the best options for investing your money and getting best returns on your investment. As these funds are managed by members of the funds, there are fewer chances of any malpractice or fraud and government also encourages this kind of investment. However, just like any other investment, you have to pay the prescribed taxes on the profits received from the superannuation fund and for that it is mandatory to file the tax returns with the income tax department. It is also compulsory for all the superannuation fund trustees to get the investment audited every year and derive the exact tax liability of the fund and file tax return accordingly. However, it is also a rule that these funds need to be managed by members of the funds only and the members may lack the required skill set to derive the tax liability of the fund. In that case, taking help from an expert tax agency can be quite helpful for the members.
Advantages of hiring a tax agency â€˘ The agency can conduct the audit of the superannuation fund and can derive the correct tax liability of the concerned superannuation fund. â€˘ It can also help the members in filing tax returns without any problems and hassles. â€˘ Such agency can also provide assistance in the cases of tax appeal before the tax authority.
Hiring an agency for audit and filing tax return will be useful as the members will be able to concentrate on searching for better investment options so that they can get handsome profits on the amount invested. The experts at the agency can also advise the members about the better and more profitable investment options because the experts at the agency can provide information based on systematic study of facts and different scenarios.
It is understood from the above discussion that an employee should enquire about the superannuation scheme from the HR team at the time of a...