The Australian Taxation Office has confirmed the deadline for lodgement of SMSF annual returns has been extended in response to industry feedback.
The ATO confirmed to ifa sister publication SMSF Adviser last week that the deadline to lodge SMSF annual returns for 2015-16 has been extended to 30 June 2017.
The SMSF professional community has, in part, struggled to get their clients compliant with the superannuation reforms that take effect from 1 July this year.
Deputy commissioner James O’Halloran said the ATO made this decision as a result of feedback received from professional and industry representatives.
“We have heard that many accounting and advisory firms are stretched to meet their usual annual SMSF lodgement commitments, in addition to providing advice to their clients about the superannuation changes taking effect on 1 July,” Mr O’Halloran said.
“Accountants, tax agents and SMSF advisers play a key role in ensuring that their SMSF clients are ready for the changes on 1 July. They will ensure their clients are in the best position to make informed decisions about their superannuation savings in light of the changes.
“The ATO has taken this step to reduce some of the burden of compliance work so that accountants, tax agents and SMSF advisers can focus on providing appropriate advisory services to their SMSF clients ahead of the changes.”
Greg Hayes, director of Hayes Knight and chair of Knowledge Shop, said getting clients on track for the new superannuation reforms has been one of the headline challenges of the last six months.
There’s been a notable spike in inquiries relating to superannuation reform, Mr Hayes recently told SMSF Adviser, with particular sore spots being in relation to capital gains tax, transition to retirement and contributions.
“This is traditionally quite a busy period. Leaving it too late to have these conversations certainly is a risk position. We are encouraging accountants to get on the front foot. Get clients thinking about it so they are making informed decisions, not rushed decisions,” Mr Hayes said.
SUBSCRIBE TO THE IFA DAILY BULLETIN
- 24 Sep 2018Accountants continue battle for advice spaceBy Adrian Flores
- 24 Sep 2018Netwealth recruits former BT managerBy Reporter
- 20 Sep 2018Independent advice will prosper but must be paid for: LovedayBy James Mitchell
- 21 Sep 2018Former ASFA policy advisor to boost FPA ranksBy Reporter
- 21 Sep 2018Aligned advisers in search of freedomBy Adrian Flores
- 20 Sep 2018Banned Perth adviser did not engage in dishonest conductBy James Mitchell
- view all