Delays with SMSF lodgements ahead of ‘double-whammy’ deadline
Analysis of Class data has revealed that accountants are 10 per cent behind on SMSF annual return lodgements compared to the end of May last year, with the looming EOFY deadline now less than a month away.
Analysis of SMSF lodgements based on Class data indicates that at 31 May 2018, total SMSF lodgements were trailing the lodgement rate last year by 10 per cent.
Class stated in its analysis that Monday, 2 July 2018, is a “double-whammy deadline” for both SMSF returns and to report 30 June 2017 TBAR balances for SMSFs with pensions.
While Class said while practitioners are prioritising the lodgement of pension phase funds, given that TBAR reporting is due 2 July, pension lodgements are still 6 per cent behind where they were last year.
The data shows that lodgement of accumulation phase funds lags by a full 15 per cent on where they were at 31 May 2017.
Smarter SMSF chief executive Aaron Dunn said the delay was not a surprise and the extension provided by the ATO was “appreciated, and clearly needed, to deal with the huge disruption and additional workload brought about by super reforms”.
Class chief executive Kevin Bungard said the industry has risen to the significant challenges of super reforms.
“It is great to see practices ‘boxing smart’ and focusing on pension funds so that the TBAR balance reporting deadline can also be met,” Mr Bungard said.
Miranda Brownlee is the deputy editor of SMSF Adviser, which is the leading source of news, strategy and educational content for professionals working in the SMSF sector.
Since joining the team in 2014, Miranda has been responsible for breaking some of the biggest superannuation stories in Australia, and has reported extensively on technical strategy and legislative updates. Miranda has also directed SMSF Adviser's print publication for several years.
Miranda also has broad business and financial services reporting experience, having written for titles including Investor Daily, ifa and Accountants Daily.