ATO decision to defer lodgment date for SMSFs lauded

SMSF Association Media Release

24 January 2018

The SMSF Association welcomes the Australian Tax Office’s (ATO) decision to defer the lodgment date of self-managed superannuation funds (SMSFs) for the 2016-17 financial year.

The new deadline for lodging the 2016-17 returns is 30 June 2018, and with this date falling on a Saturday its means they can be made on the next business day, 2 July, without penalty.

SMSF Association CEO John Maroney says: “This flexible approach taken by the ATO is commendable – and appreciated by the industry.

“It’s a complex and pressing time for accountants, tax agents and SMSF advisers who are making crucial decisions and giving expert advice in the first year since the introduction of the most comprehensive changes to superannuation in a decade.

“The extended lodgment timeframe also means that all SMSFs eligible for transitional CGT relief will have additional time to consider and make relevant elections before lodging their annual returns.”

Maroney says the deferral also gives SMSF advisers “the perfect opportunity” to attend the 2018 SMSF Association National Conference in Sydney to hear from expert speakers, ensuring they are best equipped technically to implement these changes for their clients four months before the due date.

“Advisers will get up-to-date information about topics such as new pension strategies, contribution opportunities, CGT relief and estate planning preparation in the new post 1 July 2017 superannuation environment.”