Extended SMSF Annual Return deadline approaching, warns ATO

The ATO has reminded SMSF trustees and professionals that the extended deadline for the 2016/17 SMSF Annual Return in approaching.

“Now is the time to be preparing your 2016-17 self-managed super fund (SMSF) annual return,” says the ATO.

The ATO points to its previous announcement of an extension of the due date to 30 June 2018, to give SMSFs and advisers more time to make decisions around the superannuation changes that took effect on 1 July 2017.

As 30 June 2018 is a Saturday the ATO says lodgement can be made on the next business day, which is Monday 2 July, “without penalty”.

“This extension also applies to reporting the 30 June 2017 value of any retirement phase income stream to the ATO using the transfer balance account report (TBAR),” says the ATO.

But the ATO wont be granting an extension for the 2018/19 SMSF Annual Return. James O’Halloran, ATO Deputy Commissioner for Superannuation, told the recent SMSF Expo:

It’s important to note that we won’t be granting an extension for next year’s return. We have given this concession for the past two lodgment periods taking into account the possible impacts of the new measures on funds; however we think you should now have had enough time to get your affairs in order.

Mr O’Halloran also warned that if SMSF trustees choose to apply for transitional CGT relief the ATO needs to be advised in the CGT schedule in the 2016/17 SMSF Annual Return.

“It’s important trustees are aware that CGT relief is not automatic and that once the CGT election is made in the annual return, it’s irrevocable,” he said.

“Therefore, we strongly encourage anyone considering taking advantage of this transitional CGT relief to refer to our updated material and seek independent professional advice before making an election.”

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