The Australian Tax Office has announced (22 April 2020) an automatic deferral of SMSF annual return lodgments for the 2018-19 financial year to 30 June 2020. To be clear, where an SMSF had an original lodgement date of 15 May 2020, the 2019 SMSF annual return lodgment date is deferred to 30 June.
<h2>2019 SMSF annual return lodgment date deferred due to COVID-19</h2>
The requirement for an SMSF to appoint an auditor 45 days before lodgment of their annual return will place pressure on SMSFs to meet upcoming lodgment deadlines.
To help, we are automatically applying a deferral for the lodgment of 2019 SMSF annual returns due on 15 May and 5 June 2020 until 30 June 2020.
Source:<a href=”https://www.ato.gov.au/tax-professionals/prepare-and-lodge/tax-agent-lodgment-program/obligation-type/super-lodgment/” target=”_blank” rel=”noopener noreferrer”> ATO – Super lodgment</a>
<h2>SMSF Association welcomes ATO’s approach</h2>
The deferral by the ATO is further evidence of their flexible approach to issues during the COVID-19 (coronavirus) crisis and must be applauded, says SMSF Association CEO John Maroney.
“In these very difficult times, we have been able to work constructively with the ATO to find solutions for SMSFs affected by both the Government’s decision to lockdown the economy and the extreme market volatility.
“Discussions, which have included the ATO Commissioner Chris Jordan who attended a recent Association board meeting, and SMSF Assistant Commissioner Dana Fleming, have been extremely fruitful, allowing us to work through numerous issues since the COVID-19 public health crisis erupted in March, with today’s announcement simply highlighting this.
“What’s been extremely pleasing is the positive approach of the ATO on these issues. There is a realisation that these difficult times require pragmatic solutions that might not be in strict accordance with the legislation.
Lodgment and payment deferrals will be automatically applied to SMSF 2018-19 annual returns with the 15 May lodgment date pushed back to 30 June 2020.
The ATO has also provided<a href=”https://www.superfundpartners.com.au/blog/smsf-rent-relief-for-related-party-tenants/” target=”_blank” rel=”noopener noreferrer”> guidance relating to LRBAs</a> and rent and interposed entity relief that were concerning many Association members.
“These initiatives are indicative of how the ATO has responded in a constructive way to the economic and market consequences of this tragic pandemic, and we will continue to work with the regulator to ensure the SMSF sector emerges from this crisis in the best possible shape,” Maroney says.
Source: <a href=”https://smsfconnect.com/media-release/smsf-2018-19-annual-returns-deferred-to-30-june” target=”_blank” rel=”noopener noreferrer”>SMSF Connect: SMSF 2018-19 annual returns deferred to 30 June</a>
<h2>Other questions relating to 2019 SMSF annual return lodgment date deferred</h2>
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<h2>How Superfund Partners can assist you</h2>
If you believe your existing accountant or SMSF administrator is unable to complete your work on time, please get in touch with us. We have a limited number of spots for new clients to be added to our ATO lodgement list for completion of their 2019 SMSF return before 30 June 2020.