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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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Basics of SMSF investing

January 21, 2021

Setting up an SMSF fund is the simplest step. Establishing a fund which delivers you consistent returns from your investments is much more difficult.

Investing successfully involves determining precise goals and picking investments which will effectively achieve those goals. The advantage of SMSFs is that you can build a portfolio which reflects your short-term and long-term goals in response to changing market conditions.

In an SMSF fund, your investment options are:

Before you begin investing, consider what might be the best way to diversify your portfolio. How you portion your investments will depend on your funds, the market, and your goals. Regardless of what your plan is, diversification should be a priority.

Choosing an SMSF as opposed to an industry or retail super fund provides you with more flexibility, but also with more responsibility. Researching before investing is key if you want the best out of your SMSF.