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Upcoming deadline for SMSF 2016-17 returns

Self-managed super fund (SMSF) trustees are reminded that the deadline for their 2016-17 annual return is fast approaching.

The extended due date for annual SMSF returns is 30 June 2018. As the due date falls on a Saturday, the ATO is allowing returns to be lodged the next business day, Monday 2 July 2018, without penalty.

The extension also applies to reporting the 30 June 2017 value of any retirement phase income stream to the ATO using the transfer balance account report (TBAR).

To remain compliant, SMSF trustees are encouraged to ensure they have all the right records and engage with an SMSF auditor for their annual SMSF audit.

Trustees are also reminded that this is the last chance to elect transitional CGT relief for eligible SMSFs. If electing this relief, trustees must do so prior to the due date.

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What to do with your Lost Super

March 19, 2021

After COVID 19’s impact on the world, an influx of employees who had lost their jobs fell into the job market. Many of these came from companies that couldn’t afford to continue their employment. As a result, many individuals had to seek alternative employment, or draw from their super. Some individuals took on multiple jobs to pay bills, and others drew from the super that they had accumulated in the government’s early release scheme specifically for coronavirus related income loss.

Super is held by superannuation funds, and accumulates as a result of how much super an employer pays to the employees’ funds. Many Australians may find that they actually possess multiple super accounts as a result of having “lost” their super accounts during changeovers. It can also happen as a result of changing names, moving addresses, living overseas or changing jobs.

Australians can use the ATO’s online tools to:

As superannuation funds often have fees associated with their upkeep, as well as insurances that may be tied into it (such as life, total and permanent disability and income protection), it’s important to consult with providers before accounts are consolidated.

https://www.ato.gov.au/Individuals/Super/Growing-your-super/Keeping-track-of-your-super/#Lostsuper