The deadline has been extended to 30 June 2017, as the SMSF professional community, in part, struggles to get their clients compliant with the superannuation reforms that take effect from 1 July this year.
Deputy Commissioner James O’Halloran said the ATO made this decision as a result of feedback received from professional and industry representatives.
“We have heard that many accounting and advisory firms are stretched to meet their usual annual SMSF lodgement commitments, in addition to providing advice to their clients about the superannuation changes taking effect on 1 July,” Mr O’Halloran said.
“Accountants, tax agents and SMSF advisers play a key role in ensuring that their SMSF clients are ready for the changes on 1 July. They will ensure their clients are in the best position to make informed decisions about their superannuation savings in light of the changes.
“The ATO has taken this step to reduce some of the burden of compliance work so that accountants, tax agents and SMSF advisers can focus on providing appropriate advisory services to their SMSF clients ahead of the changes.”
Hayes Knight director and chair of Knowledge Shop, Greg Hayes, said getting clients on track for the new superannuation reforms has been one of the headline challenges of the last six months.
There’s been a notable spike in inquiries relating to superannuation reform, Mr Hayes recently told SMSF Adviser, with particular sore spots being in relation to capital gains tax, transition to retirement and contributions.
“This is traditionally quite a busy period. Leaving it too late to have these conversations certainly is a risk position. We are encouraging accountants to get on the front foot. Get clients thinking about it so they are making informed decisions, not rushed decisions,” Mr Hayes said.
Announced at the 11th hour and staff unaware. I recommend a permanent extension from 15 May to 15 June for future years, to allow a smoothing of workload.
Is the payment date also extended????!
It would have been nice if the ATO had advised tax agents by circular rather than having to find out from yourselves ( thank you by the way !)
https://www.ato.gov.au/Media-centre/Media-releases/ATO-extends-due-date-for-2015-16-SMSF-returns/
SMSF Advisor please confirm or deny ?
I note that the ATO website has not been updated to reflect this announcement, also ATO staff that I spoke with were unaware of any change.
Has the ATO already added this information to their website, or advised when they will be posting this news? Just want to see the official ATO notice before we celebrate and stop our own deferral applications!
My unlodged SMSF clients have a due date of 30/6/17 in the TAP now.
This if anything hurts clients as many accountants will now relax when they should be held accountable to get the work done by a lodgement deadline we have all known for ever and a day. Accountants should then be looking to do interims where applicable for clients affected by the budget/CGT Relief changes.
You’re such a cockhead Chris. Accounting is the toughest field to work in.
CHRIS, THE REASON I HAVE HAD TO WORK EVERY DAY OF THE LAST THREE WEEKS IS DUE TO CLIENTS WHO DO NOT PROVIDE THE WORK UNTIL THE LAST MINUTE AND THEN EXPECT IT TO BE DONE STRAIGHT AWAY. YOU HAVE NO IDEA OF HOW THE SYSTEM OPERATES.
The ATO know nothing of this??
Could you please provide a media release or other source for this information.