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2016–17 SMSF return extension

ATO extends due date for 2016–17 SMSF returns

This week the ATO announced that it will extend the due date for lodgment 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.

“Accountants, tax agents and SMSF advisers play a key role in ensuring SMSFs are best placed to make informed financial decisions following the recent reforms. Recognising the crucial considerations and decisions that SMSFs and their advisers need to make in this first year we have sought to reduce some of the burden of SMSF compliance work by extending the due date for 2016–17 SMSF annual returns.

“We acknowledge and appreciate the ongoing support tax professionals and SMSF advisers provide in facilitating change, especially at this important time for the sector and the broader superannuation industry.

“The extended lodgement timeframe also 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”, Mr O’Halloran said.

Mr O’Halloran also noted that 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.

For more information about lodging SMSF annual tax returns, please contact the team at Omnis Group in Perth on 08 9380 3555.

Disclaimer: This article is for information purpose only and does not constitute advice and does not take into account any of your objectives, financial situation or needs. Before you make a decision about whether to acquire a financial product, you should obtain and read the product disclosure statement. NEO Financial Solutions: AFSL 385845 ABN 64 141 607 098

Source ATO

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Justin Flavel

Managing Director

Justin’s experience spans across 20 years in accounting, financial analysis and general business practice.

Although born and bred on the land, Justin’s interest was more in spreadsheets, ledgers, and finance which led him to attend university. In 1992, Justin graduated with a Bachelor of Business majoring in Accounting and Finance. As well as qualifying as a CPA member and becoming a Fellow of the Taxation Institute of Australia, he began gaining practical experience in small and mid-tier accounting practices.

During the late 90s, Justin decided to expand his horizons and travel through Europe. It was during this time that he seized the opportunity to expand his knowledge on the workings of large organisations by taking on roles in multinational corporations.

Today, Justin’s passion is in facilitating businesses to grow and evolve. His focus is on acting in the role of business mentor to help clients develop the full potential of their businesses. He joins clients on their unique journey, and provides the tools and knowledge they need along the way to make the right decisions.

Justin’s aim for his clients parallels his own philosophy and personal journey—focusing on his own career growth and business success while maintaining balance in his life with his wife and three daughters.

Omnis Group Managing Director - Justin Flavel