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.
There are a number of important SMSF lodgement dates 2020 that are upcoming across April, May and June 2020. It’s also possible that the ATO may allow a lodgement extension for 2019 SMSF annual returns to assist tax practitioner businesses impacted by COVID-19.
PAYG instalments is a system that helps taxpayers manage expected future tax liabilities on their SMSF income for the current income year by making regular payments in advance. To assist taxpayers experiencing financial difficulty as a result of COVID-19, the ATO is enabling tax payers to vary SMSF PAYG instalments without penalty for the current […]