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If you have obligations to withhold tax, you need to:
- register for PAYG withholding
- obtain a tax file number (TFN) declaration from the member
- if they don’t provide their TFN before the payment is made you must withhold tax at the top marginal rate (47% for residents or 45% for non-residents from 1 July 2017) from the taxable component
- calculate the rate of withholding that applies in accordance with Schedule 13 – Tax table for superannuation income streams and Schedule 12 – Tax table for superannuation lump sums
- issue a PAYG payment summary to the recipient of the benefit
- PAYG payment summary – superannuation lump sum within 14 days of making the lump sum payment
- PAYG payment summary – superannuation income stream by 14 July following the end of the financial year in which the payment was made
- lodge a PAYG withholding payment summary statement with the ATO, usually by 14 August following the end of the financial year in which the payment was made, even if the amount you needed to withhold from the income stream was nil.
Running a self-managed super fund (SMSF)
Steps | Progress | |||||||||||||||||||||||
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What is an SMSF? |
3 mins | |||||||||||||||||||||||
Your obligations when running an SMSF |
1 mins | |||||||||||||||||||||||
Contributions and rollovers |
1 mins | |||||||||||||||||||||||
Contributions |
6 mins | |||||||||||||||||||||||
Rollovers |
6 mins | |||||||||||||||||||||||
Managing your fund’s investments |
36 mins | |||||||||||||||||||||||
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Paying super benefits |
8 mins | |||||||||||||||||||||||
Types of benefits |
18 mins | |||||||||||||||||||||||
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Reporting and administration |
1 mins | |||||||||||||||||||||||
Understand how your fund is taxed |
5 mins | |||||||||||||||||||||||
Value your fund’s assets and prepare financial statements |
2 mins | |||||||||||||||||||||||
Arrange and receive an SMSF audit |
7 mins | |||||||||||||||||||||||
Lodge your SMSF annual return (SAR) |
4 mins | |||||||||||||||||||||||
PAYG withholding obligations |
4 mins | |||||||||||||||||||||||
Reporting transfer balance cap events |
3 mins | |||||||||||||||||||||||
Record-keeping requirements |
2 mins | |||||||||||||||||||||||
Notify the ATO and ASIC of changes |
2 mins | |||||||||||||||||||||||
Consider professional advice |
2 mins | |||||||||||||||||||||||
Help and more information |
3 mins | |||||||||||||||||||||||
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Related courses |
1 mins | |||||||||||||||||||||||
Course feedback |
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