On 19 January 2018, 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.

This is the first financial year that the $1.6m ‘transfer balance cap’ (and related) measures came into operation – that is, from 1 July 2017. SMSF’s in particular, have important decisions to make and important reporting, that will be due in this return. This includes reporting on relevant events affecting the members’ ‘total superannuation benefit’ and assessing eligibility for transitional capital gains relief.

The members and trustees are particularly reliant on professional advice, which will be stretched both in compliance and planning load.

Further, the SMSF sector is significant, representing over 99% of complying superannuation funds and having about 30% of the $2.3t of the superannuation assets pool (see related Tax Month article).

In this first year, therefore we are allowing the burden, of this SMSF advisory and compliance work, to be spread over a longer period.

The ATO also noted that the extended due date, of 30 June 2018 falls, on a Saturday, but relevant tax regulations, allow  lodgement of 2016–17 SMSF annual returns can made on the next business day, Monday 2 July, without penalty.

23 January 2018

[ATO website: media release; FJM; LTN 13, 19/1/18; Tax Month January 2018]


Study questions (*answers below)

  1. Has the date for lodgement of the SMSF annual return been deferred to 30 June 2018?
  2. Did the $1.6m ‘transfer balance cap’ (and related) changes take effect on 1 July 2016?
  3. Were SMSFs singled out because of the number of funds, even though they only have10% of total superannuation assets?
  4. Does 30 June 2018 fall on a weekday?


[*answers:1.yes; 2.no(2017);3.no(30%);no(Sat)]


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