January 25, 2018
Last week the Australian Taxation Office (ATO) announced that it will extend the due date for the lodgement of self-managed superannuation fund (SMSF) annual returns for FY2017 to 30 June 2018.
The ATO has acknowledged that professionals may need more time to cope with the significant legislative and regulatory reforms that took effect on 1 July 2017. Many accountants, tax agents, and SMSF advisers are still trying to digest the effects of the recent super changes.
At Morgan Wealth, we have advised all clients on the recent changes to superannuation, and how the changes may affect them. We have reviewed our clients’ circumstances case by case to recognise the superannuation funds that will be affected by the superannuation reforms to ensure that their arrangements remain most tax-effective.
We keep our clients’ accounts updated daily to facilitate timely decisions. Typically clients’ Super and Regulatory returns are lodged with the ATO prior to December to ensure that all tax refunds are banked and reinvested prior to the Christmas/New Year break.