Extended due date for 2016-17 SMSF returns
The ATO has announced that the due date for self-managed superannuation fund (SMSF) annual returns for 2016-17 has been extended until 30 June 2018.
The lodgement extension date comes as the ATO recognises the impact of the super reforms introduced 1 July 2017 on SMSFs and their advisers for the 2016-17 financial year.
The extended deadline will reduce the burden of SMSF compliance work for the first financial year since the 1 July 2017 changes and provide SMSFs with more time to focus on major new considerations and decisions, and determine the suitability of each option for their fund.
SMSFs who are eligible for transitional CGT relief as a result of the $1.6 million transfer cap will now have additional time to consider and make relevant decisions before the due date for their 2016-17 return.
The ATO has noted that as the due date 30 June 2018 falls on a Saturday, lodgement can be made on the next business day, Monday 2 July 2018, without penalty.