ATO ex­tends due date for 2016–17 SMSF re­turns

Wangaratta Chronicle - North East Regional Extra - - Your Finance | Garden Hints -

THE ATO re­cently an­nounced that it will ex­tend the due date for lodg­ment of self-man­aged su­per­an­nu­a­tion fund (SMSF) an­nual re­turns for 2016–17 to June 30, 2018.

Deputy Com­mis­sioner James O’Halloran said “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 July 1, 2017.

“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.

“We have heard from many pro­fes­sion­als that their cur­rent fo­cus is on pro­vid­ing im­por­tant ad­vi­sory ser­vices to their SMSF clients to en­sure they are in the best po­si­tion to make de­ci­sions to take into ac­count some of the re­cent su­per­an­nu­a­tion re­forms in­clud­ing el­i­gi­bil­ity for tran­si­tional cap­i­tal gains relief.

“Ac­coun­tants, tax agents and SMSF ad­vis­ers play a key role in en­sur­ing SMSFs are best placed to make in­formed fi­nan­cial de­ci­sions fol­low­ing the re­cent re­forms.

“Recog­nis­ing the cru­cial con­sid- er­a­tions and de­ci­sions that SMSFs and their ad­vis­ers need to make in this first year, we have sought to re­duce some of the bur­den of SMSF com­pli­ance work by ex­tend­ing the due date for 2016–17 SMSF an­nual re­turns.

“We ac­knowl­edge and ap­pre­ci­ate the on­go­ing sup­port tax pro­fes­sion­als and SMSF ad­vis­ers pro­vide in fa­cil­i­tat­ing change, es­pe­cially at this im­por­tant time for the sec­tor and the broader su­per­an­nu­a­tion in­dus­try.

“The ex­tended lodge­ment time­frame also means that all SMSFs who are el­i­gi­ble for tran­si­tional CGT 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,” Mr O’Halloran said.

Mr O’Halloran also noted that be­cause the ex­tended due date of June 30, 2018 falls on a Satur­day, in ac­cor­dance with rel­e­vant ad­min­is­tra­tive pro­vi­sions of the tax laws, lodge­ment of 2016–17 SMSF an­nual re­turns can made on the next busi­ness day, Mon­day, July 2, with­out penalty. For more in­for­ma­tion about lodg­ing SMSF an­nual tax re­turns, go to ato.gov.au.

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