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Accountants have been given a helping hand as the ATO extends the due date for lodgement of SMSF annual returns for 2016/17, in light of recent reforms.
The ATO has announced that it will extend the due date to 30 June 2018, up from 15 May previously.
This is the second extension in as many years, with the tax office acknowledging that professionals may need more time to cope with significant legislative and regulatory reform.
“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,” said ATO deputy commissioner James O’Halloran.
“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,” he added.
“Recognising the crucial considerations 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.”
The extension 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.
Mr O’Halloran further noted that because the extended due date of 30 June 2018 falls on a Saturday, in accordance with relevant administrative provisions of the tax laws, lodgement of 2016/17 SMSF annual returns can be made on the next business day, Monday 2 July, without penalty.