SMSF lodgments 10% behind prior year as “double-whammy” deadline looms

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SMSFs are 10% behind on Annual Return lodgments compared to last year, according to Class lodgements.

Class said that 2 July 2018 – which is a Monday – is a “double-whammy” deadline for SMSFs, with both SMSF Annual Returns and Transfer Balance Account Reporting (TBAR).

“With less than a month to go, accountants have a big task ahead to lodge FY17 annual returns, claim CGT relief and report 30 June 2017 TBAR balances for SMSFs with pensions,” said Class.

“Despite the extension to SMSF annual return lodgments being granted both last year and this year, analysis of Class Super data reveals that accountants are 10% behind on lodgments compared to end of May last year.”

“Despite prioritising lodgment of pension phase funds (given TBAR balance reporting is due 2 July) pension fund lodgments are still 6% behind where they were last year,” said the company.

SMSFs in accumulation phase are even further behind, lagging by 15% compared to 31 May 2017.08

Lodgements for 2015/16 lagged those for 2014/15, but not to the degree of 2016/17.

Aaron Dunn, CEO of Smarter SMSF (formerly The SMSF Academy), was not surprised by the delay, based on his work with practices across the industry.

“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,” said Mr Dunn.

Class CEO 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.”

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