Self managed super fund (SMSF) trustees are reminded that the deadline for their 2016-17 annual return is fast approaching.
The extended due date for annual SMSF returns is 30 June 2018. As the due date falls on a Saturday, the ATO is allowing returns to be lodged the next business day, Monday 2 July 2018, without penalty.
The extension also applies to reporting the 30 June 2017 value of any retirement phase income stream to the ATO using the transfer balance account report (TBAR).
To remain compliant, SMSF trustees are encouraged to ensure they have all the right records and engage with a SMSF auditor for their annual SMSF audit.
Trustees are also reminded that this is the last chance to elect transitional CGT relief for eligible SMSFs. If electing this relief, trustees must do so prior to the due date.