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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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News

SMSF rollovers in SuperStream to be deferred

July 15, 2019

The 2019-2020 Federal Budget suggested a deferral of the extension of SuperStream to self-managed superannuation fund (SMSF) rollovers from 30 November 2019 to 31 March 2021. The commencement of this deferral has recently been confirmed by the government.

The deferral will coincide with the $19.3 million that will be provided to the Australian Taxation Office (ATO) over three years from 2020-21, enabling electronic requests to be sent to superannuation funds for the release of money required under a number of superannuation arrangements.

With the combined date for both bringing electronic release authorities into SuperStream and allowing SMSF rollovers, changes needed to update SuperStream will only need to be undertaken once. The deferral aims to reduce administrative costs for funds and allows for a more integrated design of SuperStream.

First introduced in 2015, SuperStream is a government standard for processing superannuation payments electronically in a streamlined manner. Currently, SuperStream can only process rollovers between two APRA funds electronically but with the change will see this process extend to SMSFs.

Regulations for the deferral to put into effect will be made promptly.