ATO Extends Due Date For 2016/17 SMSF Returns

The ATO will extend the due date for lodgement of self-managed superannuation fund (SMSF) annual returns for 2016/17 to 30 June 2018.

Deputy Commissioner James O’Halloran said “We recognise there are some major new considerations and decisions for SMSFs and their advisers to make in this first financial year of operation of the superannuation reforms that came into effect from 1 July 2017.

“We have therefore decided to extend the lodgement date for 2016/17 SMSF annual returns so that SMSF trustees and their advisers can focus on these important matters.

“We have heard from many professionals that their current focus is on providing important advisory services to their SMSF clients to ensure they are in the best position to make decisions to take into account some of the recent superannuation reforms including eligibility for transitional capital gains relief.”

The extended lodgement time frame therefore means that all SMSFs who are eligible for transitional CGT relief as a result of the $1.6 million transfer balance cap will have additional time to consider and make relevant elections before the due date for lodgement of their 2016/17 SMSF annual return. Because the extended due date of 30 June 2018 falls on a Saturday, in accordance with relevant administrative provisions of the tax laws, lodgement of 2016/17 SMSF annual returns can made on the next business day, Monday 2 July, without penalty.

General advice disclaimer

[General advice warning: The advice provided is general advice only as, in preparing it we did not take into account your investment objectives, financial situation or particular needs. Before making an investment decision on the basis of this advice, you should consider how appropriate the advice is to your particular investment needs, and objectives. You should also consider the relevant Product Disclosure Statement before making any decision relating to a financial product.]

Ref: ATO media release, 19 January 2018