The ATO has announced a time extension will apply to SMSF annual returns relating to the 2017 financial year due to the changed reporting circumstances arising from the super reforms.
The annual return of an SMSF is usually due on 28 February of the following year if completed by the trustees of the fund, but for 2016/17 the deadline has now been extended to 30 June 2018.
Effectively the deadline is Monday 2 July as 30 June falls on a Saturday this year.
“We recognise there are some major new considerations and decisions for SMSFs and their advisers to make in this first financial year of operation of the superannuation reforms that came into effect from 1 July 2017,” ATO deputy commissioner James O’Halloran said.
“We have therefore decided to extend the lodgement date for 2016/17 SMSF annual returns so that SMSF trustees and their advisers can focus on these important matters.
O’Halloran pointed out the additional time SMSF trustees and their advisers will have to lodge the 2016/17 annual return will also have a positive effect on other current SMSF compliance issues.
“The extended lodgement time frame also means that all SMSFs who are eligible for transitional CGT (capital gains tax) relief as a result of the $1.6 million transfer balance cap will have additional time to consider and make relevant elections before the due date for lodgement of their 2016/17 SMSF annual return,” he noted.
The SMSF Association applauded the tax office’s decision to allow more time for the lodgement of 2016/17 annual returns.
“This flexible approach taken by the ATO is commendable and appreciated by the industry,” SMSF Association chief executive John Maroney said.
“It’s a complex and pressing time for accountants, tax agents and SMSF advisers who are making crucial decisions and giving expert advice in the first year since the introduction of the most comprehensive changes to superannuation in a decade.”