Accountants lagging in SMSF lodgements

Accountants are 10 per cent behind on their SMSF annual return lodgements compared to the end of May last year, despite a deadline extension, according to Class Super.

The SMSF administrator said the data it compiled revealed the scale of the upcoming SMSF reporting deadlines, including SMSF returns, the commencement of transfer balance account reports (TBAR), lodging of 2016/17 annual returns, claiming capital gains tax relief and reporting of 30 June 2017 TBAR balances for SMSFs with pensions.

Data compiled by the firm showed despite prioritising lodgement of pension-phase funds given TBAR balance reporting is due 2 July, pension fund lodgements are still 6 per cent behind where they were last year.

Class chief executive Kevin Bungard said: “The industry has risen to the significant challenges of super reforms.

“It is great to see practices ‘boxing smart’ and focusing on pension funds so that the TBAR balance reporting deadline can also be met.”

Accountants lagged particularly in the lodgement of accumulation-phase funds, falling behind by 15 per cent compared to where they were at 31 May 2017.

Smarter SMSF chief executive Aaron Dunn said: “I work with a lot of practices across the industry. The delay is not a surprise and the extension provided by the ATO was appreciated and clearly needed to deal with the huge disruption and additional workload brought about by super reforms.”

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