According to the latest data from the ATO, the lodgment rate for SMSF annual returns had climbed to 72.3 per cent at 18 May 2019, a substantial increase from the 60 per cent that had lodged their return on 4 May.
While many SMSFs were required to lodge by 15 May this year, some funds will have slightly longer.
The due date for annual returns that are non-taxable or received a refund in the latest year and are non-taxable or will receive a refund in the current year will be due 5 June this year.
The ATO noted that this concession is only available to super funds with a lodgment due date of 15 May 2019.
It is not available to large or medium taxpayers or funds with an earlier due date, it said.
ATO assistant commissioner Dana Fleming said there is now only a small percentage of returns outstanding.
She also thanked SMSF tax agents and auditors for their efforts in meeting the 15 May 2019 lodgment date for the 2018 income year, with 91.3 per cent of the expected 2018 SMSF annual returns being lodged on time.
“Excluding 2017, when there was an extension to 30 June 2018, this is the best result in 5 years. Only 3.8 per cent were lodged late and less than 5 per cent remain outstanding,” said Ms Fleming.
“We will continue to work with tax agents to support them with these remaining lodgments.”
Is there any update on lodge stats now that the 17/18 year is basically closed? Would be great to have an industry benchmark to enable clients to make decisions before they are trapped in another lodge cycle by having to prepay fees and hope that service follows.
Regardless of the reasons there was still about 160k funds to lodge. A pretty big number
To clarify 91.3% of SMSFs met the 15 May deadline. This is a fantastic result. Many SMSFs are not due until 5 June – if you include these SMSFs the lodgement rate for the total population drops to 72.3%. Hope that makes sense.
When will the ATO get tough, enforce the deadline and penalise those who fail to meet it? 72% is not 100% nor is it anywhere near the minimum hurdle of 85%. There are no excuses this year so if you are behind then you should be nervous. Simply speaking tardy lodgement is bad for the industry and does not meet TPB obligations that hold us all to account. Maybe the ATO is the new ASIC when it comes to enforcement.
Because 99% of the time it is not the agent’s fault that it is late. IME at least. It is the clients that don’t provide information requested or come in with a week to go – find if they are the only one but that is not usually the case. We start requesting information in July. But they wait to May 10th to send it in. There is only so much handholding you can do before the responsibility has to fall with the actual person responsible – the taxpayer.
Thats about 75k funds in two weeks. Good effort.