ATO extends deadline for Personal Services Income diverted into SMSFs

The ATO has extended the deadline for SMSFs receiving diverted personal services income to come forward and have some penalties remitted.

The ATO had previously said that SMSFs involved in such arrangements that came forward before 31 January 2017, and

TA 2016/6: directing personal services income into an SMSF

The ATO has issued a Taxpayer Alert for arrangements involving personal services income being directed into an SMSF: TA 2016/6.

“We are currently reviewing arrangements where individuals (typically self-managed superannuation fund (SMSF) members at or approaching retirement age) purport