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
The Reserve Bank of Australia (RBA) has lowered rates to a level not seen since mid-2023.
Financial Services Minister Stephen Jones has shared further details on the second tranche of the Delivering Better Financial Outcomes reforms including modernising best interests duty and reforming Statements of Advice.
The Federal Court has found a company director guilty of operating unregistered managed investment schemes and carrying on a financial services business without holding an AFSL.
The Governance Institute has said ASIC’s governance arrangements are no longer “fit for purpose” in a time when financial markets are quickly innovating and cyber crime becomes a threat.
