The Tax Office is reminding individuals with self-managed super funds (SMSF) to prepare their 2016-2017 SMSF annual returns by no later than Monday 2 July 2018.
Earlier in the year, the ATO advised they were officially extending the due date to 30 June 2018. However, as this date falls on a Saturday, individuals with SMSFs have until the following Monday to lodge their annual returns without incurring any penalty.
This change will also apply to individuals reporting the 30 June 2017 value of any retirement phase income stream, using the transfer balance account report (TBAR). Individuals who meet the relevant criteria are reminded that this will be the last chance to opt for transitional capital gains tax (CGT) relief. This will provide short term relief to trustees of SMSFs who alter their asset allocations to meet the transfer balance cap and transition-to-retirement income stream (TRIS) reforms.
Start to take control of your SMSF and call Lee and Lee today. We are here to help. We are SMSF Specialist Accountants and members of the SMSF Association.