The ATO acknowledges the significance, risks and opportunities of the SMSF sector with some 597,000 SMSFs having total assets worth $697 million, or 30% of the $2.3 trillion in total super assets.
On compliance issues, the ATO have announced:
- SMSFs with members with total super account balances of $1m or more will be required to report regularly to the ATO rather than on an annual basis.
- The extension of the due date for lodging 2017 SMSF annual returns until 30 June 2018.
- Trustees now have until 30 June 2018 to lodge a return with an election for transitional CGT relief or amend a lodged 2016/17 return in order to include an election if necessary. CGT relief is not automatic and the election must be made in the annual return.
Source CHH Australian Tax Week Issue 7.
This is general advice only. Your personal circumstances have not been taken into consideration.