ATO grants extension to SMSFs on annual returns
The Australian Taxation Office (ATO) has acknowledged the key role of self-managed superannuation fund (SMSF) advisers in bedding down the Government’s latest tax changes to superannuation and has extended the due date for lodgement of SMSF annual returns for 2016/17 to 30 June.
The ATO’s move was announced by deputy commissioner, James O’Halloran who said the ATO recognised there were some major new considerations and decisions for SMSFs and their advisers to make in the first financial year of operation of the superannuation reforms that came into effect from 1 July, last year.
“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,” he said.
“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,” O’Halloran said.
“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 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.”
O’Halloran said the extended lodgement timeframe also meant that all SMSFs who were eligible for transitional CGT relief as a result of the $1.6 million transfer balance cap would have additional time to consider and make relevant elections before the due date for lodgement of their 2016–17 SMSF annual return.
Recommended for you
Government has introduced a bill to Parliament to legislate the first stream of the QAR reforms.
ASIC now has a 1:1 ratio when it comes to court success in the enforcement of crypto activities and more action is expected as Treasury seeks to introduce a regulatory framework.
A leading governance body has hit out at “specialist interest groups proposing ad hoc law reform” when it comes to reforms of financial services legislation and believes an independent body is needed.
The release of ALRC’s final report into financial services legislation has highlighted financial advice as a “significant” focus as it seeks to reduce costs and help advisers understand their obligations, alongside the Quality of Advice Review.
