SMSFs already behind on annual return lodgements
Self-managed superannuation fund (SMSF) accountants have a big month ahead, with data from Class Super showing they are already 10 per cent behind on annual return lodgements compared to last year despite an extension already been granted.
To add to the workload, 2 July would also mark the beginning of the Transfer Balance Account Reporting (TBAR) regime.
According to Smarter SMSF chief executive, Aaron Dunn, the delay was unsurprising considering “the huge disruption and additional workload brought about by super reforms”.
The Class Super data also showed that despite prioritising lodgement of pension phase funds given the impending start of the TBAR, pension fund lodgements were still six per cent behind where they were last year.
Accumulation phase lodgements were also lagging a full 15 per cent on where they were at the end of last May.
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