With the 15 May 2020 deadline fast approaching for the 2018-19 SMSF annual returns (SAR) lodgement for many SMSFs, the Australian Taxation Office (ATO) has recognised that some accountants and auditors may require more time due to the impact of the COVID-19 pandemic.
The ATO has released a statement (https://www.ato.gov.au/Super/Sup/COVID-19---effect-on-trustees-and-annual-returns/) which confirms that with the next SAR due 15 May and super laws requiring an auditor be appointed 45 days before the lodgement due date, that trustees, their tax agent or auditor may need more time to lodge. In this instance an extension can be requested.
Tax agents can apply for a deferral for their SMSF clients for up to six weeks. This means you could apply to extend the lodgement deadline at most to 30 June 2020. If you find your business in a situation whereby the COVID-19 pandemic has affected your ability to meet the lodgement deadline then you should contact the ATO to request an extension prior to the 15 May 2020 deadline.
This decision by the ATO is a welcome concession at a time where many businesses are dealing with new challenges such as transitioning to working from home and innovating to find new ways to communicate and provide services to clients.
It should also be noted that if an extension to an SMSF’s lodgement date is granted then this will also apply to the fund’s transfer balance account reporting (TBAR) obligations where the fund is an annual reporter for that financial year.
The 2018-19 SMSF annual return PDF and instructions can be accessed here:
For those funds looking to complete an annual return for the 2019-20 year due to a fund wind-up then the SAR form will be available at the end of May.
The information in this document is provided by Accurium Pty Limited ABN 13 009 492 219 (Accurium). It is factual information only and is not intended to be financial product advice, tax advice or legal advice and should not be relied upon as such. The information is general in nature and may omit detail that could be significant to your particular circumstances. While all care has been taken to ensure the information is correct at the time of publishing, superannuation and tax legislation can change from time to time and Accurium is not liable for any loss arising from reliance on this information, including reliance on information that is no longer current. Tax is only one consideration when making a financial decision. We recommend that you seek appropriate professional advice before making any financial decisions.