The Collation Package is a collection of all reports generated in a financial year. The Package consists of Financial Statements, Audit reports, with information about Superfund Assets, Member balance, Tax payable/refundable, Member super contributions, pension payment, and Audit details.
These reports are usually generated after the accounting has been finished. This Package helps the trustees/directors to understand the following details in the super funds.
- The financial position of that year
- Annual growth comparison
- Income tax refundable/payable
- Contribution Cap limit
- Minimum pension payment requirement
- Transfer Balance cap Limit (TBAR)
Once the collation package is reviewed by the trustee/ directors of the SMSF, the package will be signed by them. Once the signed copy has been submitted to the auditor, they will release the audit reports then the fund’s tax return can be filed with ATO.
The Collation package is more efficient when prepared by the same accountant who has completed the accounts. It takes comparatively lesser time to prepare and can summarize with necessary inputs. This will avoid unnecessary ATO penalties or extra Tax paid.