SMSF Association welcomes lodgement extension

The SMSF Association has commended the ATO for deferring the lodgement date of SMSF annual returns for the 2017 financial year, allowing advisers extra time to make crucial decisions with their clients.

The regulator last Friday announced the due date will be extended to 30 June 2018, after recognising the impact of the new super rules on SMSF considerations and decisions.

As the extended due date falls on a Saturday, lodgement of 2016/17 SMSF annual returns can be made on the next business day, Monday 2 July, without penalty.

“This flexible approach taken by the ATO is commendable and appreciated by the industry,” SMSF Association chief executive John Maroney said today.

“It’s a complex and pressing time for accountants, tax agents and SMSF advisers who are making crucial decisions and giving expert advice in the first year since the introduction of the most comprehensive changes to superannuation in a decade.

“The extended lodgement time frame also means that all SMSFs eligible for transitional capital gains tax (CGT) relief will have additional time to consider and make relevant elections before lodging their annual returns.”

Maroney added the deferral also meant SMSF advisers could attend the SMSF Association’s 2018 National Conference in Sydney next month to hear from experts and ensure they are best equipped technically to implement these changes for their clients four months before the due date.

“Advisers will get up-to-date information about topics such as new pension strategies, contribution opportunities, CGT relief and estate planning preparation in the new post-1 July 2017 super environment,” he said.

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