People who self-manage their own superannuation funds will have until July 2 this year to lodge annual returns with the Australian Taxation Office, after the ATO extended the deadline from February 28 to allow time for SMSF holders to consider recent changes to super.
“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,” said deputy commissioner James O’Halloran.
“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.”
It comes after sweeping changes to superannuation rules came into effect last year, cutting caps on concessional contributions and introducing a cap on the amount of money that can be moved into a tax-free account.
“The extended lodgement time frame also means that all SMSFs who are eligible for transitional capital gains tax 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.
He said professionals, who play a key role in ensuring SMSF holders are informed following the reforms, are focused on providing “important advisory services to their SMSF clients”.
“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.”
He said that the extended due date, June 30 falls on a Sunday so SMSF returns can be made on the next business day, July 2, without penalty.